1. Nagaland Assembly repeals the antiquated Public Debt Act of 1944 and amends the Government Securities Act of 2006.
2. Chief Minister Neiphiu Rio leads the legislative initiative to modernize financial regulations in the state.
3. The move aims to streamline financial governance and align with contemporary legal frameworks.
Kohima, Feb 29: The Nagaland Assembly made a significant legislative move on Thursday by repealing the Public Debt Act of 1944 and amending the Government Securities Act of 2006.
Chief Minister Neiphiu Rio introduced a government resolution to initiate these changes, highlighting the need to modernize and streamline financial regulations in the state.
Rio explained that the Public Debt Act of 1944, which governed government securities operations, had become obsolete in light of the enactment of the Government Securities Act of 2006.
The latter legislation provides a more comprehensive framework for regulating government securities and is better aligned with contemporary financial practices.
As public debt falls under the purview of state jurisdiction, the repeal of the outdated Public Debt Act required adherence to constitutional procedures outlined in Article 252.
This necessitated the passage of a resolution by the assembly to authorize the repeal.
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In addition to repealing the Public Debt Act, the resolution proposed amendments to the Government Securities Act.
Specifically, it sought to redefine ‘government security’ to encompass the features of special securities issued under the Public Debt Act, ensuring their continued non-transferability.
Sections 5, 31, and 35 of the Government Securities Act were also targeted for amendment to facilitate the repeal of the outdated legislation.
Following the presentation of the resolution, Speaker Sharingain Longkumer conducted a vote, which resulted in unanimous approval through a voice vote.
This decision underscores the assembly’s commitment to modernizing financial regulations and aligning them with contemporary standards.
By repealing the obsolete Public Debt Act and amending the Government Securities Act, the Nagaland Assembly has taken a proactive step towards enhancing financial governance and ensuring regulatory coherence in the state’s financial sector.
