The Reserve Bank of India has advised that the form of transfer (Form II) in respect of government securities issued in the form of stock certificates should be presented to the Public Debt Offices of the Reserve Bank of India within one month from the date of its execution. The period of one month excludes the 'shut' period for government securities in the form of stock certificates prescribed by the Reserve Bank of India from time to time for the purpose of calculation and payment of interest. The Reserve Bank has also cautioned that if the transfer deed for government securities issued in the form of stock certificate is not submitted within the prescribed period of one month, it is liable to be rejected.

The change has been necessitated due to the Government of India amending Rule 7(3)(a) of the Public Debt Rules, 1946 for transfer of deeds in respect of government securities in the form of stock certificates. As per the amendment, the transfer deed in respect of government securities in the form of stock certificates will be valid for a period of one month from the date of execution of transfer form. The amendment has come into force with effect from April 29, 1999.