The Asian Development Bank Act, 1966
The Asian Development Bank Act, 1966
Overview
The Asian Development Bank Act, 1966 is an Indian legislation that provides the legal framework for India’s participation as a member in the Asian Development Bank (ADB). The Act authorizes the Government of India to subscribe to shares of the ADB and outlines the rights, obligations, and procedures related to this membership.
The Asian Development Bank, established in 1966, is a regional development bank aimed at promoting economic growth and cooperation in the Asia-Pacific region through loans, technical assistance, and grants for development projects.
Key Features of the Act
| Feature | Details |
|---|---|
| Year of Enactment | 1966 |
| Purpose | To enable India to become a member of the Asian Development Bank |
| Subscription of Shares | Authorizes Indian Government to subscribe to ADB shares and fulfill payment obligations |
| Investment Management | Provides provisions regarding investment, management, and transfer of shares |
| Rights and Obligations | Defines India’s rights as a shareholder, including voting rights and participation in meetings |
| Authority | Empowers the Government to act on behalf of India in ADB-related matters |
| Financial Provisions | Details on the payment of subscription amounts, dividends, and financial liabilities |
| Legal Status | Recognizes ADB as an international organization with privileges and immunities in India |
Summary Table
| Aspect | Details |
|---|---|
| Act Name | Asian Development Bank Act, 1966 |
| Purpose | Legal framework for India's membership in ADB |
| Subscription Authority | Government of India authorized to subscribe to and pay for ADB shares |
| Rights | Voting rights and participation in ADB affairs |
| Obligations | Payment of shares and adherence to ADB regulations |
| International Status | Recognizes ADB’s privileges and immunities in India |
| Role of Government | Acts on behalf of India in ADB dealings |
Significance
Facilitates India's active participation in regional economic development through ADB.
Enables India to access funding and technical assistance for infrastructure and development projects.
Strengthens regional cooperation in Asia and the Pacific.
Supports India’s development agenda by aligning with multilateral financial institutions. Do write to us if you need any further assistance.
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