International Monetary Fund and Bank Act, 1945
No: 47 Dated: Dec, 24 1945
THE INTERNATIONAL MONETARY FUND AND BANK ACT, 19451
ACT NO. 47 OF 1945
An Act to implement the International Monetary Fund and Bank Agreements.
WHEREAS, at the United Nations Monetary and Financial Conference held at Bretton Woods, New Hampshire, in July, 1944, Articles of the following agreements were drawn up, and set out in the Final Act of the said Conference that is to say,—
(a) an agreement (hereinafter referred to as the Fund Agreement) for the establishment and operation of an international body to be called the International Monetary Fund (hereinafter referred to as the International Fund), and
(b) an agreement (hereinafter referred to as the Bank Agreement) for the establishment and operation of an international body to be called the International Bank for Reconstruction and Development (hereinafter referred to as the International Bank);
BE it enacted as follows:—
1. Short title, extent and commencement.—(1) This Act may be called the International Monetary Fund and Bank Act, 1945.
(2) It extends to the whole of India.
(3) It shall come into force6 at once.
2. Payments to International Fund and Bank.—(1) There shall be paid, after due appropriation made by Parliament by law in this behalf, out of the Consolidated Fund of India 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 International Fund under paragraph (a) of section 3 of Article III of the Fund Agreement, and 9 to the International Bank under paragraphs (a) and (c) of section 3 of Article II of the Bank Agreement;
(b) any sums payable by the Central Government to the International Fund under 10section 11 of Article V of the Fund Agreement, and to the International Bank under section 9 of Article II of the Bank Agreement;
(c) any charges payable by the Central Government to the International Fund under section 8 of Article V , or under section 2, section 3 or section 5 of Article XX, of the Fund Agreement;
(d) any sums required for implementing the guarantee of the Central Government referred to in section 3 of Article XIII of the Fund Agreement;
(dd) any assessments required to be paid by the Central Government to the International Fund under section 4 or section 5 of Article XX of the Fund Agreement;
(e) any compensation required to be paid by the Central Government to the International Fund or to any member thereof under Schedule I, Schedule J or Schedule K to the Fund Agreement.
(2) The Central Government may, if it thinks fit so to do, create and issue to the International Fund or International Bank, in such form as it thinks fit, any such non-interest bearing and nonnegotiable notes or other obligations as are provided for by section 4 of Article III of the Fund Agreement and section 12 of Article V of the Bank Agreement.
3. Reserve Bank to be depository for International Fund and Bank.—The Reserve Bank of India (hereinafter referred to as the Reserve Bank) shall be the depository of the Indian currency holdings of the International Fund and International Bank.
3A. Reserve Bank to use, receive, acquire, etc., special drawing rights on behalf of Central Government.—The Reserve Bank may, on behalf of the Central Government, use, receive, acquire, hold, transfer or operate the special drawing rights of that Government in the International Fund and perform all acts supplemental or incidental thereto.