Kohima, 29 February (MTNews): The Nagaland Legislative Assembly adopted a resolution today to repeal the Public Debt Act, 1944, and amend the Government Securities Act, 2006. Chief Minister Neiphiu Rio, while presenting the bill, emphasized that the legislation has become obsolete following the enactment of the new Government Securities Act, 2006.
Chief Minister Rio explained that since public debt falls under the State subject, the repeal of the Public Debt Act can only be carried out following the procedure outlined in Article 252 of the Constitution. He further stated that the Cabinet has approved granting consent to Parliament to amend Section 1 of the Government Securities Act.