<p>Kohima: The Nagaland Assembly on Thursday repealed the Public Debt Act, 1944 and amended the Government Securities Act, 2006.</p><p>A government resolution was tabled by Chief Minister Neiphiu Rio.</p><p>Moving the resolution, Rio said the Public Debt Act, 1944, which regulates the operation of government securities, is a pre-Constitutional Act and has become redundant with the enactment of the Government Securities Act, 2006.</p><p>Since public debt is a state subject, repeal of the Public Debt Act, 1944 can be done only as per the procedure prescribed under Article 252 of the Constitution which requires passage of a resolution for repeal of the Act by the assembly, Rio said.</p>.Nagaland Assembly passes bills on salaries and allowances of legislators; GST.<p>It also proposed to amend the definition of 'government security' as provided in Section 2 of the GS Act, Section 5 of the same Act to incorporate features of special securities issued under the Public Debt Act to save their non-transferability, and sections 31 and 35 of the GS Act to provide for the repeal of the PD Act.</p><p>Speaker Sharingain Longkumer put the resolution to vote and it was unanimously adopted by voice vote. </p>
<p>Kohima: The Nagaland Assembly on Thursday repealed the Public Debt Act, 1944 and amended the Government Securities Act, 2006.</p><p>A government resolution was tabled by Chief Minister Neiphiu Rio.</p><p>Moving the resolution, Rio said the Public Debt Act, 1944, which regulates the operation of government securities, is a pre-Constitutional Act and has become redundant with the enactment of the Government Securities Act, 2006.</p><p>Since public debt is a state subject, repeal of the Public Debt Act, 1944 can be done only as per the procedure prescribed under Article 252 of the Constitution which requires passage of a resolution for repeal of the Act by the assembly, Rio said.</p>.Nagaland Assembly passes bills on salaries and allowances of legislators; GST.<p>It also proposed to amend the definition of 'government security' as provided in Section 2 of the GS Act, Section 5 of the same Act to incorporate features of special securities issued under the Public Debt Act to save their non-transferability, and sections 31 and 35 of the GS Act to provide for the repeal of the PD Act.</p><p>Speaker Sharingain Longkumer put the resolution to vote and it was unanimously adopted by voice vote. </p>