African Development Fund Act, 1982
No: 1 Dated: Mar, 04 1982
THE AFRICAN DEVELOPMENT FUND ACT, 1982
ACT NO. 1 OF 1982
An Act to implement the African Development Fund Agreement and for matters connected therewith.
BE it enacted by Parliament in the Thirty-third Year of the Republic of India as follows:—
1. Short title, extent and commencement.—(1) This Act may be called the African Development Fund Act, 1982.
(2) It extends to the whole of India.
(3) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “Agreement” means the African Development Fund Agreement;
(b) “Fund” means the African Development Fund established under the Agreement.
3. Payments to Fund.—(1)There shall be paid out of the Consolidated Fund of India, after due appropriation made by Parliament by law in this behalf, all such sums as may, from time to time, be required for the purpose of paying,—
(a) the subscription payable by the Central Government to the Fund under Articles 6,7,8 and 9 of the Agreement;
(b) any sums payable by the Central Government to the Fund under Article 13 of the Agreement; and
(c) any charges payable by the Central Government to the Fund under Article 16 of the Agreement.
(2) The Central Government may, if it thinks fit so to do, create and issue to the Fund, in such form as it thinks fit, any such non-interest bearing and non-negotiable note or other obligations as are provided for by Article 9 of the Agreement.
4. Reserve Bank to be depository for Fund.—The Reserve Bank of India shall be the depository of the Indian currency holdings of the Fund.
5. Conferment of status and certain immunities, exemptions and privileges on Fund and conferment of certain immunities, exemptions and privileges on its officers and employees.—(1) Notwithstanding anything to the contrary contained in any other law, the provisions of the Agreement set out in the Schedule shall have the force of law in India:
Provided that nothing in Article 49 of the Agreement shall be construed as—
(a) entitling the Fund to import into India goods free of any duty of customs without any restriction or their subsequent sale therein; or
(b) conferring on the Fund any exemption from duties or taxes which form part of the price of goods sold; or
(c) conferring on the Fund any exemption from duties or taxes which are in fact no more than charges for services rendered.
(2) The Central Government may, by notification in the Official Gazette, amend the Schedule in conformity with any amendments, duly made and adopted, of the provisions of the Agreement set out therein.