Section 16(a) in The Government Securities Regulations, 2007
(a)convert the Government promissory note into stock certificate provided that the promissory note has not matured and all un-encased interest warrants are surrendered and has been endorsed,(i)in the case of Government promissory note of the Central Government, "Pay to the President of India" and(ii)in the case of Government promissory note of a State Government "Pay to the Governor of..................(the name of the State concerned)";
