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2. Payments to International Fund and Bank.-

(1) 6[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 7* * * of Article III of the Fund Agreement, and 8[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 9[section 11 of Article V] of the Fund Agreement, and to theInternational 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 10[, or under section 2, section 3 or section 5 of11[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[(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 non- negotiable 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.

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. Subs. by Act 41 of 1969, s. 2, for certain words (w.e.f. 26-12-1981). 7. Omitted by Act 67 of 1982, s. 2 (w.e.f. 15-1-1983).

8. Subs. by Act 25 of 1959, s. 4, for "to the International Bank under paragraph (a)".

9. Subs. by Act 67 of 1982, s. 2, for "paragraph (b) of section of Article IV" (w.e.f. 15-1-1983). 10. Ins. by Act 41 of 1969, s. 2 (w.e.f. 26-12-1981).

11. Subs. by Act 67 of 1982, s. 2, for "Article XXVI" (w.e.f. 15-1-1983).



International Monetary Fund and Bank Act, 1945 Back




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