The Government Securities Act, 2006 was enacted to consolidate and amend the laws relating to Government securities and its management by the RBI. The Act simplifies the procedure for settlement of claims of legal representatives, provides for admissibility of computerised information as evidence, contains provisions for effectively dealing with misuse of Statutory General Ledger (SGL) accounts and facilitates pledging and hypothecation of Government securities.
ix. The Payment and Settlement Systems Act, 2007 was enacted empowering the Reserve Bank to regulate and supervise payment and settlement systems of the country and provides a legal basis for multilateral netting and settlement finality. x.