Northeast Desk, 29th February: In a significant legislative move, the Nagaland Assembly, on Thursday, repealed the archaic Public Debt Act, 1944, and introduced amendments to the Government Securities Act, 2006.
The resolution for the repeal and amendments was tabled by Chief Minister Neiphiu Rio, highlighting the redundancy of the Public Debt Act, 1944, in light of the enactment of the more contemporary Government Securities Act, 2006.
Chief Minister Rio emphasized that the Public Debt Act, 1944, which governs the operation of government securities, has become obsolete with the existence of the newer legislation. He underscored the need for the Nagaland Assembly to adhere to the prescribed procedure under Article 252 of the Constitution for the repeal of the outdated Act.
The proposed amendments include refining the definition of ‘government security’ as outlined in Section 2 of the Government Securities Act, incorporating provisions in Section 5 to preserve the unique attributes of special securities issued under the Public Debt Act, and revising sections 31 and 35 to facilitate the repeal of the Public Debt Act.
Speaker Sharingain Longkumer facilitated the voting process, and the resolution was unanimously adopted by voice vote, signaling the Assembly’s consensus on the repeal and amendments.
Read More: Arunachal: Mikir Community Inaugurates First Cremation Ground in Papum Pare District