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AFRICAN DEVELOPMENT BANK ACT, 1983
13 OF 1983
STATEMENT OF OBJECTS AND RESONS India has decided to become a member of the African Development Bank by acceding to the Agreement establishing the the African Development Bank. Chapter VII of the Articles of the Agreement provides for granting to the Bank and its officers and employees, certain status, immunities, exemptions and privileges in the territory of each member country. Article 50 of the Agreement stipulates that to enable the Bank effectively to fulfil its purpose and carry out function entrusted to it, status, immunities, exemptions and privileges set forth in Chapter VII of the Agreement shall be accorded to the Bank in the territory of each member. By this Bill, it is proposed to enact the necessary legislation to give effect to the provisions of the said Chapter VII of the Agreement. Provision has also been made in the Bill empowering the Central Government to make payments to the Bank towards subscriptions and other charges and lor matters connected therewith. -Gaz. of ind., 17-3- 1983, Pt. II, S. 2, Ext., p. 6 (No. 4). An Act to implement the international agreement for the establishment and operation of the African Development Bank and for matters connected therewith. BE it enacted by Parliament in the Thirty-fourth Year of the Republic of India as follows
Section 1: Short title, extent and commencement:
(1) This Act may be called The African Development Bank Act, 1983.
(2) It extends to the whole of India.
(3) It shall come into force on such dates' as the Central Government may, by notification in the Official Gazette, appoint.
SECTION 2: Definitions:
In this Act, unless the context otherwise requires,- (a) "Agreement" means the agreement for the establishment of the African Development Bank;
(b) "Bank" means the African Development Bank established under the Agreement.
SECTION 3: Payments 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 Articles 6, 7, 10 and 21 of the Agreement; (b) any sums payable by the Central Government to the Bank under Article 28 of the Agreement.
(2) The Central Government may, if it minks fit so to do, create and issue to the Bank, in such form as it thinks fit, any non-interest bearing and non-negotiable notes or other obligations.
SECTION 4: Reserve bank to be depository for Bank:
The Reserve Bank of India shall be the depository of the Indian currency holdings of the Bank.
SECTION 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:
(1) Notwithstanding anything to the contrary contained in any other law the provisions of the Agreement set out in the Schedule shall have the force of law in India: Provided that nothing in Article 57 of the Agreement shall be construed as- (a) entitling the Bank to import into India goods free of any duty of customs without any restriction on their subsequent sale therein; or (b) conferring on the Bank any exemption from duties or taxes which form part of the price of goods sold; or (c) conferring on the Bank any exemption from duties or taxes which are in fact no more than charges for services rendered.
(2) The Central Government may, by notification in the Official Gazette, amend the Schedule in conformity with any amendments, duly made and adopted, of the provisions of the Agreement set out therein.
SECTION 6: Power to make rules:
The Central Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act.
Section 7: Notifications issued under section 5 and rules made under section 6 to be laid before Parliament:
Every notification issued under sub-section (2) of (section 5) and every rule made under (section 6) shall be laid, as soon as may be after it is issued or 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 in two or more successive sessions, and if, before the expiry of the session immediayrly following the session or the successive sessions aforesaid, both Houses agree in making any modification in the notification or, as the case may be, in the rule or both Houses agree that the notification or rule should not be issued or made, the notification or 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 modifications or annulment shall be without prejudice to the validity of anything previously done under that notification or rule.
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