Section 54(1) in The Punjab Reorganisation Act, 1966
(1)The public debt of the existing State of Punjab attributable to loans raised by the issue of Government securities and outstanding with the public immediately before the appointed day shall, on and from that day, be the debt of the State of Punjab, and -(a)the other successor States shall be liable to pay to the State of Punjab their shares of the sums due from time to time for the servicing and repayment of the debt, and(b)for the purpose of determining the said shares, the debt shall be deemed to be divided between the successors States as if it were a debt referred to in sub-section (4).
