Export-Import Bank of India Act, 1981
No: 28 Dated: Sep, 11 1981
THE EXPORT-IMPORT BANK OF INDIA ACT, 1981
ACT NO. 28 OF 1981
An Act to establish a corporation to be known as the Export-Import Bank of India for providing financial assistance to exporters and importers, and for functioning as the principal financial institution for co-ordinating the working of institutions engaged in financing export and import of goods and services with a view to promoting the country’s international trade and for matters connected therewith or incidental thereto.
BE it enacted by Parliament in the Thirty-second Year of the Republic of India as follows:—
CHAPTER I
PRELIMINARY
1. Short title, extent and commencement.—(1) This Act may be called the Export-Import Bank of India Act, 1981.
(2) It extends to the whole of India.
(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “Board” means the Board of Directors of the Exim Bank referred to in section 6;
(b) “Development Bank” means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964);
(c) “Exim Bank” means the Export-Import Bank of India established under section 3;
(d) “export” and “import” mean, respectively, export from or import into India or any other country of goods or services, or both;
(e) “goods” includes all materials, commodities and articles in a solid, liquid or gaseous state and all forms of energy;
(f) “notification” means a notification published in the Official Gazette;
(g) “prescribed” means prescribed by regulations made under this Act;
(h) “Reserve Bank” means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934);
(i) “scheduled bank” means a bank, for the time being, included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);
(j) “services” includes,—
(I) providing personnel (including skilled or unskilled workmen and persons for rendering technical or other services) for the purposes of any work or project (by whatever name called) or any activity;
(II) transferring of technology, including transferring, or securing the transfer of rights, knowhow, expertises or other skill with respect to any patent, invention, model, design, secret formula or process or similar property;
(III) furnishing any information, blueprints, plans, or advice with respect to any matter; and
(IV) making available any other resources.