Asian Development Bank Act, 1966
No: 18 Dated: May, 29 1966
THE ASIAN DEVELOPMENT BANK ACT, 1966
ACT NO.18 OF 1966
An Act to implement the international agreement for the establishment and operation of the Asian Development Bank and for matters connected therewith.
BE it enacted by Parliament in the Seventeenth Year of the Republic of India as follows:—
1. Short title, extent and commencement.—(1) This Act may be called the Asian Development Bank Act, 1966.
(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 Agreement for the establishment and operation of the international body known as the Asian Development Bank;
(b) “Bank” means the Asian Development Bank established under the Agreement.
3. Payments to Bank.—(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 subscriptions payable by the Central Government to the Bank under paragraphs 1, 2 and 3 of Article 5 of the Agreement;
(b) any commission, fees or other charges payable by the Central Government to the Bank under Article 16 of the Agreement;
(c) any sums payable by the Central Government to the Bank under paragraph 1 of Article 25 of the Agreement.
(2) The Central Government may, if it thinks fit so to do, create and issue to the Bank, in such form as it thinks fit, any such non-interest bearing and non-negotiable notes or other obligations as are provided for by paragraph 3 of Article 6 of the Agreement.
4. Reserve Bank to be depository for Bank.—The Reserve Bank of India shall be the depository of the Indian currency holdings of the Bank.
5. Conferment of status and certain immunities, exemptions and privileges on Bank 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:
(a) entitling the Bank to import into India goods free of any duty of customs without any restriction on their subsequent sale therein; or
(b) conferring on the Bank any exemption from duties or taxes which from part of the price of goods sold; or
(c) conferring on the Bank 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.