Section 11   [ View Judgements ]

Procedure when a Government promissory note is lost, etc


(1) The application for the issue of a duplicate Government promissory note which is stated to have been lost, stolen, destroyed, mutilated or defaced either wholly or in part shall be accompanied by-



(a) a statement containing the following particulars, namely:- (i) the last half-year for which interest has been paid;



(ii) the person to whom such interest was paid;



(iii) the person in whose name the note was issued (if known);



(iv) particulars of coupons attached (if any);



(v) the place for payment of interest at which the note was for the time being enfaced;



(vi) the circumstances relating to the loss, theft, destruction, mutilation or defacement; and



(vii) whether the loss or theft was reported to the police, if so, a copy , of police report shall be enclosed;



(b) the post office registration receipt for the letter containing the Government promissory note, if the same was lost in transmission by registered post;



(c) where the last payment of interest was not made by a warrant issued by the Public Debt Office, a letter signed by the officer of the treasury, or, as the case may be, sub-treasury, where interest was last paid, certifying the last payment of interest on the Government promissory note and stating the name of the holder to whom such payment was made;



(d) (i) if the applicant is not the holder in whose name the Government promissory note was originally issued, an affidavit sworn before the Executive Magistrate testifying that the applicant was the last legal holder of the Government promissory note;



(ii) all documentary evidence necessary to trace back the title to the original holder; and



(e) any portion or fragments of the lost, stolen, destroyed, mutilated or defaced of the Government promissory note.



(2) A copy of the letter to the Public Debt Office, excluding its enclosures, shall also be sent to the treasury, or, as the case may be, sub-treasury, where interest is payable.



(3) The loss, theft, destruction, mutilation or defacement of a Government promissory note or portion thereof, shall be notified by the applicant-



(a) in the Gazette of India, in case of a Government promissory note of the Central Government, and in the local Official Gazette, if any, of the place where the loss, theft, destruction, mutilation or defacement occurred;



(b) in the Official Gazette of the State concerned, in case of a Government promissory note of the State Government and if the loss, theft, destruction, mutilation or defacement occurred at a place outside that State, also in the Official Gazette of that State; and such notification shall be in Form - VIII, or as nearly in such form as circumstances permit.



(4) After the publication of the notification under sub-regulation (3), the Bank shall, if it is satisfied about the loss, theft, destruction, mutilation or defacement of the Government promissory note and the justification of the claim of the applicant, cause the particulars of the Government promissory note to be included in a list such as is referred to in regulation 14 hereunder and thereafter Public Debt Office may-



(a) pay interest to the applicant and issue to him a duplicate thereof in place of such Government promissory note of which a portion has been so lost, stolen, destroyed, mutilated, defaced, or, as the case may be, if the remaining portion of such Government promissory note, sufficient for its identification, has been produced; or



(b) pay interest to the applicant and issue to him the duplicate thereof, three months after the publication of the said list, if no portion of such Government promissory note, sufficient for its identification, has been produced; or



(c) pay interest to the applicant and issue to him the duplicate thereof immediately after the date of the publication of the said list, if the Government promissory note has been lost by enemy action.



(5) If at any time before the issue of duplicate Government promissory note the original thereof is discovered, the order passed under sub-regulation (4) shall be rescinded and all action on the order shall be suspended.



(6) The Bank may, at any time, before passing an order for the issuance of a duplicate Government promissory note, on sufficient reason, alter or, as the case may be, cancel any order made by it under this regulation and may also direct that the interval before the issue of a duplicate Government promissory note shall be extended by such period not exceeding three years as it may think fit.



(7) The Public Debt Office may seize and cancel the original Government promissory note where the original Government promissory note is presented after the issue of the duplicate Government promissory note by the person to whom the duplicate Government security was issued.



(8) The Public Debt Office shall record stoppage of payment of interest and maturity proceeds in respect of such Government promissory note where the original Government promissory note is presented after the issue of the duplicate Government promissory note by a person other than the one to whom the duplicate was issued until an order of a Court of competent jurisdiction regarding the payment of interest and maturity proceeds is produced.

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