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Date: 01-Aug-2024 Category: Extra Ordinary State: Union Government Country: India

Amendment in the Public Debt Act, 1944 as part of Jan Vishwas (Amendment of Provisions) Act, 2023

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

Gazette Notification Description

  • This gazette notification from the Ministry of Finance (Department of Economic Affairs), Government of India, announces the commencement date for amendments to the Public Debt Act, 1944 (18 of 1944). These amendments are facilitated by the Jan Vishwas (Amendment of Provisions) Act, 2023 (18 of 2023).

Key Changes

  • The key change is the appointment of August 1st, 2024, as the effective date for specific amendments to the Public Debt Act, 1944. These amendments are detailed in serial number 7 and related entries within Schedule to the Jan Vishwas (Amendment of Provisions) Act, 2023. The exact nature of the amendments to the Public Debt Act, 1944 is not specified in this notification; only that they are effective from August 1st, 2024.

Impact Analysis

Impact on Government

  • The Government will need to implement the changes outlined in the amendments to the Public Debt Act, 1944. This may involve updating internal processes, guidelines, and potentially legislation related to public debt management.

Impact on Financial Institutions

  • Financial institutions dealing with government debt will need to review and adjust their operations to comply with the amended Public Debt Act, 1944. This could involve changes to lending, borrowing, and reporting procedures. The specific impact will depend on the nature of the amendments themselves, which are not detailed in this notification.

Impact on Businesses

  • Businesses that hold or deal with government securities may be impacted. The extent of the impact will depend on the specifics of the amendments to the Public Debt Act, 1944, which are not detailed in this notification.

Suggested Action Items

  • Consult with legal counsel to ensure compliance with the amended Public Debt Act, 1944.

Key Entities Referenced

Ministry of Finance (Department of Economic Affairs): The issuing authority of the gazette notification. Jan Vishwas (Amendment of Provisions) Act, 2023 (18 of 2023): The Act that empowers the government to make the amendments to the Public Debt Act, 1944. Public Debt Act, 1944 (18 of 1944): The Act that is being amended. The specific amendments are not detailed in this notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-01082024-255977 CG-DxLx-xEG-I0D1H0x8x2x0 24-255977 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 2925] नई दिल्ली, बृहस्ट्प जतिार, अगस्ट्त 1, 2024/श्रािण 10, 1946 No. 2925] NEW DELHI, THURSDAY, AUGUST 1, 2024/SHRAVANA 10, 1946 जित्त मत्रं ालय (आर्थकि काय ि जिभाग) अधिसचू ना नई दिल्ली, 1 अगस्ट् त, 2024 का.आ. 3066(अ).—केन्‍द रीय सरकार, िन जिश् िास (उपबधं ों का संिोधन) अजधजनयम, 2023 (2023 का 18) (उक्त अजधजनयम) की धारा 1 की उपधारा (2) द्वारा प्रित् त िजक्त यों का प्रयोग करते हए, तारीख 01 अगस्ट्त, 2024 को उस तारीख के रूप म ें जनयत करती ह,ै जिसको उक्त अजधजनयम के उपबंध, िहां तक िे उक्त अजधजनयम की अनुसूची म ें क्रम संख् या 7 और उससे संबंजधत प्रजिज‍ि के सामने यथा जिजनर्िि‍ ि लोक ऋण अजधजनयम, 1944 (1944 का 18) म ें संिोधन से सबजधत ह,ैं प्रिृत् त होंगे । [फा. सं. 6(1)-बी(पीडी)/2022] आिीष िच्छानी, अपर सजचि 4767 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 1st August, 2024 S.O. 3066(E).—In exercise of the powers conferred by sub-section (2) of Section 1 of the Jan Vishwas (Amendment of Provisions) Act, 2023 (18 of 2023) (the said Act), the Central Government hereby appoints the 1st day of August, 2024 as the date on which the provisions of the said Act, in so far as they relate to the amendments in the Public Debt Act, 1944 (18 of 1944) as specified against serial number 7 and the entries relating thereto in the Schedule to the said Act, shall come into force. [F. No. 6(1)-B(PD)/2022] ASHISH VACHHANI, Addl. Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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