Clause 124 - Debt, cash and contingent liability management - Finance Bill, 2015

PART III FUNCTIONS AND POWERS OF PUBLIC DEBT MANAGEMENT AGENCY Debt, cash and contingent liability management 124. (1) The Agency shall issue Government securities, maintain and manage the register of holders in accordance with the provisions of this Part and the rules made thereunder. (2) The functions of the Agency shall include-- (a) collecting and publishing information about public debt, including borrowing by the Central Government otherwise than under this Chapter; (b) purchasing, re-issuing and trading in Government securities; and (c) carrying out such other transactions as may be required for management of public debt. (3) The Agency shall manage the contingent liabilities of the Central Government, including-- (a) developing ways to calculate the total contingent liability of the Central Government; (b) advising the Central Government on its contingent liabilities ; and (c) carrying out such other transactions as may be necessary to reduce the contingent liabilities of the Central Government or reduce the cost of such contingent liabilities. (4) The Agency shall undertake cash management for the Central Government, including-- (a) collecting information about the cash assets of the Central Government; (b) developing systems to calculate and predict cash requirements of the Central Government; (c) issuing and redeeming such short-term securities as may be required to meet the cash requirements of the Central Government; (d) advising the Central Government on management of cash of the Central Government; and (e) carrying out such other transactions as may be necessary to manage the cash of the Central Government. (5) For the purpose of sub-section (4), the word cash means monies held by the Central Government or any of its departments in the form of cash or bank deposits including deposits held with the Reserve Bank. (6) The Central Government shall provide all information that the Agency may reasonably require to discharge its duties. (7) If the Central Government provides any confidential information to the Agency, then, the Agency shall ensure that such confidentiality is maintained.