Lawgist3Payments 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.
Download our fully-offline, High speed android app.- Click here
- 1 Short title, extent and commencement
- 2 Definitions
- 3 Payments to Bank
- 4 Reserve Bank to be depository for 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
- 6 Power to make rules
- 7 Notifications issued under section 5 and rules made under section 6 to be laid before Parliament
