Finance Acts

Repeal of Act 18 of 1944 and savings.

145. (1) The Public Debt Act, 1944 is hereby repealed.

(2) Notwithstanding such repeal anything done or any action taken in the exercise of any power conferred by or under the repealed Act shall be deemed to have been done or taken in the exercise of the powers conferred by or under the Government Securities Act, 2006 (38 of 2006) as amended by this Part as if the said Act was in force on the day on which such thing was done or action was taken.

(3) The rules made by the Central Government under the repealed Act as in force immediately before the commencement of this Part, shall be deemed to be the regulations made by the Bank under the Government Securities Act, 2006 (38 of 2006).