(1)Subject to any general or special instructions of the Bank the Public Debt Office may by its order on the application of the holder.(a)renewal sub-divide or consolidate a Government promissory note or notes provided that the note or notes (including an Income-tax Bond and a Government Bond) has or have been receipted in Form VI,VII or VIII as the case may be, or(b)convert the note or notes into a stock certificate or stock certificates, provided that the note or notes has or have been endorsed.(i)[ in the case of notes of the Central Government "Pay to the President of India", and (ii) in the case of notes of a State Government "Pay to the Governor [* * * *] [Substituted by No. 8(12)B/49, dated 29.10.1949] of .........(the name of the State concerned)] [Inserted by G.S.R. 109, dated 13.1.1966],or(c)convert the note or notes other than an I.T.B. into a bearer bond or bearer bonds provided that the note or notes has or have been endorsed in Form IX, or(d)renew sub-divide or consolidate a stock certificate or stock certificate provided the stock certificate or stock certificates has or have been receipted in Form X, XI or XII as the case may be, or(e)convert the stock certificate or stock certificates into a Government promissory note or notes provided the stock certificate or stock certificates has or have been receipted in Form XIII, or(f)convert the stock certificate or stock certificates into bearer bond or bonds provided the stock certificate or stock certificates has or have been receipted in Form XIV and provided the loan to which the stock certificate or stock certificates appertain admits of issue of bearer bonds or(g)renew, sub-divide or consolidate a bearer bond or bonds or(h)convert the bearer bond or bonds into a stock certificate or certificates or(i)convert the bearer bond or bonds into Government promissory note or notes or(j)renew a prize bond or(k)renew sub-divide or consolidate a Government promissory note or notes in Form I provided the promissory note or notes has or have been receipted in Form XVII, XVIII, or XIX, as the case may be or(l)convert Government securities of one loan into those of another loan provided -(i)the inter-loan conversion is permissible, and(ii)the conditions governing such conversion are complied with or(m)convert the note or notes( stock certificate or stock certificates bearer bond or bearer bonds as the case may be) into stock to be held at the credit of the account of the holder in the Subsidiary General Ledger provided the holder is admitted by the Public Debt Office to the facility of holding stock at credit to his account in the Subsidiary General Ledger and the note or notes (stock certificate or stock certificates ) is or are receipted in the form as under:-"Tender for cancellation and credit to...........(name of the holder) Subsidiary General Ledger AccountSignature of holder............."(n)convert stock held at the credit of the holder's account in the Subsidiary General Ledger into Government promissory note or notes stock certificate or stock certificates or bearer bond or bearer bonds subject to compliance with such formalities as the Public debt Office may require.(o)[ renew, sub-divide or consolidate a Treasury Savings Deposit Certificate [or a Defence Deposit Certificate] [Inserted by No. D 6285-B1/51, dated 28.7.1951] provided that the certificate or certificates has or have been receipted in Form VIA, [VIC,] [Inserted by G.S.R. 1614, dated 7.11.1964] VIIA or VIIIA as the case may be.](p)[ renew, sub-divide or consolidate a Defence Deposit Certificate, provided that the certificate or certificates have been receipted in Form VIB, Form VIIB or VIIIB, as the case may be.] [Inserted by G.S.R. 144, dated 21.1.1964](q)[ convert the Government promissory note or notes, stock certificate or certificates or stock held at the credit of the account of the holder in the Subsidiary General Ledger into balances held at the credit of the holder in the Bond Ledger Account; or [Inserted by Notification No. G.S.R. 599(E), dated 22.8.2001 (w.e.f. 20.4.1946)](r)convert balances held at the credit of the account of the holder in the Bond Ledger Account into Government promissory note or notes, stock certificate or certificates or stock held at the credit of the account of the holder in the Subsidiary General Ledger.](2)Subject to any general or special instructions of the bank the office or the agency which issued a treasury bill may on the application of the holder thereof renew it provided that the treasury bill has been receipted in Form XV.(3)The Public Debt Office may under any of the sub rules of this rule require the applicant to execute a bond in Form V with one or more sureties approved by the Public Debt Office or to furnish security not exceeding twice the value of the subject matter of the order to be held at the disposal of the Bank to pay to the Bank or to any person to any person to whom the Bank may assign the bond or security in furtherance of sub-section (2) of section 16 of the Act the amount thereof.
