International Finance Corporation (Status, Immunities and Privileges) Act, 1958
No: 42 Dated: Oct, 17 1958
THE INTERNATIONAL FINANCE CORPORATION (STATUS, IMMUNITIES AND PRIVILEGES) ACT, 1958
ACT NO. 42 OF 1958
An Act to implement the international agreement for the establishment and operation of the International Finance Corporation in so far as it relates to the status, immunities and privileges of that Corporation, and for matters connected therewith.
BE it enacted by Parliament in the Ninth Year of the Republic of India as follows:—
1. Short title and extent.—(1) This Act may be called the International Finance Corporation (Status, Immunities and Privileges) Act, 1958.
(2) It extends1 to the whole of India.
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 International Finance Corporation;
(b) “Corporation” means the International Finance Corporation established under the Agreement.
3. Conferment of status and certain immunities and privileges on the Corporation and conferment of certain immunities 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 Section 9 of Article VI of the Agreement shall be construed as—
(a) entitling the Corporation to import into India goods free of any duty of customs without any restriction on their subsequent sale therein; or
(b) conferring on the Corporation any exemption from duties or taxes which form part of the price of goods sold; or
(c) conferring on the Corporation any exemption from duties or taxes which are in fact no more than charges for services rendered.
(2) The Central Government may, from time to time, 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:
Provided that any notification issued under this sub-section shall be laid for not less than thirty days before each House of Parliament as soon as may be after it is issued and shall be subject to such modifications as Parliament may make during the session in which it is so laid or the session immediately following.
4. Power to make rules.—(1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act.
(2) Every rule made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.