The African Development Fund Act, 1982
An Act to implement the African Development Fund Agreement and for matters connected therewith.
Administered by. Ministry of Finance, Department of Economic Affairs · Other Acts of 1982
Preamble
THE AFRICAN DEVELOPMENT FUND ACT, 1982
ACT NO. 1 OF 1982
[4th March, 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:--
What this Act covers
Summary of The African Development Fund Act, 1982
Key Provisions
1. Short Title, Extent, and Commencement (Section 1)
• Titled as the African Development Fund Act, 1982.
• Extends to the whole of India.
• Commencement date to be notified.
2. Definitions (Section 2)
• "Agreement": Refers to the African Development Fund Agreement.
• "Fund": Refers to the African Development Fund established under the Agreement.
3. Payments to Fund (Section 3)
• Payments from the Consolidated Fund of India for:
• Subscription under Articles 6, 7, 8, and 9 of the Agreement.
• Sums under Article 13 of the Agreement.
• Charges under Article 16 of the Agreement.
• Option for the Central Government to create and issue non-interest bearing, non-negotiable notes or obligations as per Article 9 of the Agreement.
4. Reserve Bank as Depository (Section 4)
• The Reserve Bank of India is the depository for the Fund's Indian currency holdings.
5. Status, Immunities, Exemptions, and Privileges (Section 5)
• Provisions of the Agreement (specified in a Schedule, not fully provided in the context) have the force of law in India, with specific exceptions regarding duty exemptions and tax treatments.
• The Central Government may amend the Schedule to reflect any amendments to the Agreement's provisions.
6. Power to Make Rules (Section 6)
• The Central Government may make rules for carrying out the Act's purposes.
Sections
Type to filter. 7 sections.
- 1Short title, extent and commencement
- 2Definitions
- 3Payments to Fund
- 4Reserve Bank to be depository for Fund
- 5Conferment of status and certain immunities, exemptions and privileges on Fund and conferment of certain immunities, exemptions and privileges on its officers and employees
- 6Power to make rules
- 7Notifications issued under section 5 and rules made under section 6 to be laid before Parliament
Schedules
This Act has 1 schedule. A schedule is published as a document of its own; the text is reproduced on its page where it has been read, and the document is mirrored here either way.
- THE SCHEDULE987 words
Related Acts
- The Chit Funds Act, 198290 sections
- The Finance Act, 198243 sections
- The State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 198220 sections
- The National Bank for Agriculture and Rural Development Act, 198169 sections
- The Finance Act, 198147 sections
- The Finance Act, 198344 sections
- The Export-Import Bank of India Act, 198141 sections
- The African Development Bank Act, 19837 sections
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Every one of the 7 sections of this Act has its own page. This page is not a substitute for legal advice.