Section 16 of The Government Securities Act, 2006
Any notice required to be given by the Bank under this Act may be served by post, but every such notice shall also be published by the Bank in the Official Gazette or the Official Gazette of a State, according as the notice relates to a Government security, issued by the Central Government or a State Government, and on such publication shall be deemed to have been delivered to all persons for whom it is intended.
Summary
- The Reserve Bank of India can send any required notice under this Act by post.
- In addition to posting, the Bank must also publish every notice in the Official Gazette.
- Notices about Central Government securities are published in the national Gazette, while notices about State Government securities are published in that State's Gazette.
- Once a notice is published in the Gazette, the law legally considers it delivered to everyone it is meant for.
Practical examples
FAQ
1. How can the Reserve Bank of India send a notice to someone under this Act?
The Bank can send the notice by post, but it must also publish it in the Official Gazette.
2. Which Official Gazette will the Bank use to publish a notice?
The Bank will use the national Official Gazette if the security was issued by the Central Government, or the relevant State's Official Gazette if the security was issued by a State Government.
3. What happens if a person claims they never received a notice sent by the Bank?
Once the notice is published in the appropriate Official Gazette, the law deems it to be delivered to everyone it was meant for, so a person cannot claim they did not receive it.
Test yourself
Q1.Under Section 16 of The Government Securities Act, 2006, if the Reserve Bank of India issues a notice regarding a security issued by a State Government, where must this notice be published?
Q2.Under Section 16 of The Government Securities Act, 2006, what is the legal effect of publishing a required notice in the Official Gazette?
Q3.Under Section 16 of The Government Securities Act, 2006, which of the following options correctly describes how the Reserve Bank of India is authorized to serve a required notice?
Q4.Under Section 16 of The Government Securities Act, 2006, if a notice relates to a Government security issued by the Central Government, what are the Bank's publication duties?