1. Short title, extent and commencement.—(1) This 2
[Act] may be called the International
Monetary Fund and Bank 2
[Act], 1945.
(2) It extends to 4
[the whole of India 5 * * *].
(3) It shall come into force6
at once.
2. Payments to International Fund and Bank.—(1) 7
[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 8* * * 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
10[section 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 11[, or under section 2, section 3 or section 5 of 12[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;
1. Published in the Gazette of India, Extraordinary, dated the 24th December, 1945, as Ordinance No. 47 of 1945. The
Ordinance, made in exercise of the powers conferred by section 72 of the Government of India Act, as set out in the
Ninth Schedule to the Government of India Act, 1935 (26 Geo. 5, c. 2), was converted into an Act by Act 25 of 1959.
2. Subs. by Act 25 of 1959, s. 2, for “Ordinance”.
3. Subs by s. 3, ibid., for the last paragraph of the preamble and the enacting formula.
4. Subs. by the A.O. 1950, for “all the Provinces of India”.
5. The words “except Part B States” omitted by Act 3 of 1951, s. 3 and the Sch.
6. This Act has been extended in its application to the Union territory of Goa, Daman and Diu by Act 11 of 1963, s. 3 and the
Schedule (w.e.f. 1-2-1965).
7. Subs. by Act 41 of 1969, s. 2, for certain words (w.e.f. 26-12-1981).
8. Omitted by Act 67 of 1982, s. 2 (w.e.f. 15-1-1983).
9. Subs. by Act 25 of 1959, s. 4, for “to the International Bank under paragraph (a)”.
10. Subs. by Act 67 of 1982, s. 2, for “paragraph (b) of section of Article IV” (w.e.f. 15-1-1983).
11. Ins. by Act 41 of 1969, s. 2 (w.e.f. 26-12-1981).
12. Subs. by Act 67 of 1982, s. 2, for “Article XXVI” (w.e.f. 15-1-1983).
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1
[(dd) any assessments required to be paid by the Central Government to the International Fund
under section 4 or section 5 of 2
[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 3[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 4
[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 5* * * Indian currency
holdings of the International Fund and International Bank.
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[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.]
4. Power to call for information.—(1) Where under 7
[paragraph (b) of section 3 of Article IV or]
section 5 of Article VIII of the Fund Agreement, the International Fund requires the Central Government
to furnish it with any information, the Central Government, or if generally or specially authorised by the
Central Government in this behalf, the Reserve Bank, may by order in writing require any peson to
furnish to such officer or other person as may be specified in the order such detailed information as the
Central Government or the Reserve Bank, as the case may be, may determine to be essential for the
purpose of complying with the request of the International Fund; and any person so required shall be
bound to furnish such information.
(2) Every officer or person to whom any information is required to be furnished under this section
shall be deemed to be a public servant within the meaning of section 21 of the Indian Penal Code
(45 of 1860).
(3) No information obtained under this section shall be furnished to the International Fund in such
detail as to disclose the affairs of any person 8***.
(4) A determination of the Central Government or the Reserve Bank under sub-section (1) as to the
extent of detail in which information is to be furnished shall be final, and in any prosecution under section
176 or section 177 of the Indian Penal Code (45 of 1860) in respect of any information required to be
furnished under this section, it shall not be a defence to assert that the information was required to be
furnished in greater detail than was essential for the purpose of complying with the request of the
International Fund.
(5) No prosecution for an offence in respect of any information required to be furnished under this
section shall be instituted except with the previous sanction of the Central Government.
1. Ins by Act 41 of 1969, s. 2 (w.e.f. 26-12-1981).
2. Subs. by Act 67 of 1982, s. 2, for “Article XXVI” (w.e.f. 15-1-1983).
3. Subs. by s. 2, ibid., for “Schedule D or Schedule E” (w.e.f. 15-1-1983).
4. Subs. by s. 2, ibid., for “section 5” (w.e.f. 15-1-1983).
5. The word “British” omitted by Act 48 of 1952, s. 3 and Sch. II.
6. Ins. by Act 41 of 1969, s. 3 (w.e.f. 26-12-1981).
7. Ins. by Act 67 of 1982, s. 3 (w.e.f. 15-1-1983).
8. Certain words omitted by s. 3, ibid. (w.e.f. 15-1-1983).
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5. Certain provisions of Agreements to have force of law.—Notwithstanding anything to the
contrary contained in any other law, the provisions of the Fund and Bank Agreements set out in the
Schedule shall have the force of law in 1
[India]:
Provided that nothing in section 9 of Article IX of the Fund Agreement or in section 9 of Article VII
of the Bank Agreement shall be construed as—
(a) entitling the International Fund or International Bank to import into 1
[India] goods
free of any duty of customs without any restriction on their subsequent sale therein, or
(b) conferring on the International Fund or International Bank any exemption from duties or
taxes which form part of the price of goods sold or which are in fact no more than charges for
services rendered.
6. [Amendment of section 17, Act 2 of 1934.] Rep. by the Repealing and Amending Act, 1952
(48 of 1952), s. 2 and Sch.
7. Power to make rules. — 2
[(1)] The Central Government may, by notification in the Official
Gazette, make rules for giving effect to the provisions set out in the Schedule, and generally for carrying
out the purposes of this 3
[Act].
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[(2) Every rule made under this section 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 5
[in two or more successive sessions], and if before the expiry of 6
[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.]