Short title, extent and commencement
1. This Act may be called the Export-Import Bank of India Act, 1981. 2. It extends to the whole of India.3. It shall come into force no such ...
2. Definitions.- In this Act, unless the context otherwise requires,-- a. "Board" means the Board of Directors of the Exim Bank referred to in section 6;...
|Chapter II||Establishment of the Export-Import Bank of India and Incorporation Thereof|
Establishment and incorporation of Export-Import Bank of India
Chapter II: Establishment of the Export-Import Bank of India and Incorporation Thereof 1. With effect from such date as the Central Government may, by no...
4. Authorised capital.- 1. The authorised capital of the Exim Bank shall be two hundred crores of rupees: Provided that the Central Government may, by n...
|Chapter III||Management of the Exim Bank|
Chapter III: Management of the Exim Bank 1. The general superintendence, direction and management of the affairs and business of the Exim Bank shall ves...
Constitution of Board
6. Constitution of Board.- 1. The Board of Directors of the Exim Bank shall consist of the following, namely:-- a. a chairman and a managing direct...
7. Committees.- 1. The Board may constitute such Committees whether consisting wholly of directors or wholly of other persons or partly of directors and ...
Fees and allowances of directors and members of Committees
The directors and the members of a Committee shall be paid such fees and allowances as may be prescribed for attending the meetings of the Board or of any Co...
No person shall be a director of the Board constituted under this Act, who- a. is, or at any time has been, adjudged insolvent, or b. is of unsound...
|Chapter IV||Business of the Exim Bank|
Business of Exim Bank
Chapter IV: Business of the Exim Bank10. Business of Exim Bank.- 1. The Exim Bank may grant in or outside India loans and advances by itself or in part...
|Chapter V||Resources of the Exim Bank|
Loans by Central Government
Chapter V: Resources of the Exim Bank11. Loans by Central Government.- The Central Government may, after due appropriation made by Parliament by law in this ...
Borrowings and acceptance of deposits by Exim Bank
12. Borrowings and acceptance of deposits by Exim Bank.- 1. The Exim Bank may, for the purposes of carrying out its functions under this Act,- a. is...
Loans in foreign currency
Notwithstanding anything contained in the Foreign Exchange Regulation Act, 1973 (46 of 1973) or in any other law for the time being in force relating to fore...
Grants, donations, etc., to Exim Bank
14. Grants, donations, etc., to Exim Bank.-The Exim Bank may receive gifts, grants, donations or benefactions from Government or any other source in or outsi...
|Chapter VI||Export Development Fund|
Export Development Fund
Chapter VI: Export Development Fund15. Export Development Fund.- With effect from such date as the Central Government may, by notification, appoint, the Exim...
Credits to Export Development Fund
16. Credits to Export Development Fund.- To the Export Development Fund shall be credited—a. all amounts received for the purposes of that Fund by way o...
Utilisation of Export Development Fund
17. Utilisation of Export Development Fund.- 1. Where the Exim Bank considers it necessary or desirable so to do, it may, subject to the provisions of s...
Debits to Export Development Fund
18. Debits to Export Development Fund.- 1. To the Export Development Fund shall be debited—a. such amounts as may from time to time be disbursed or...
Accounts and audit of Export Development Fund
19. Accounts and audit of Export Development Fund.- 1. The balance-sheet and accounts of the Export Development Fund shall be prepared in such form and ...
Liquidation of Export Development Fund
20. Liquidation of Export Development Fund.- The Export Development Fund shall not be closed or wound up save by order of the Central Government and in such ...
|Chapter VII||General Fund, Accounts and Audit|
Chapter VII: General Fund, Accounts and Audit All receipts of the Exim Bank other than those which are to be credited to the Export Development Fund under th...
Preparation of accounts and balance-sheet
22. Preparation of accounts and balance-sheet.- 1. The balance- sheet and accounts of the Exim Bank shall be prepared in such form and manner as may be ...
Disposal of profits accruing to General Fund
23. Disposal of profits accruing to General Fund.- 1. The Exim Bank may establish a Reserve Fund to which may be transferred such sums as that Bank may ...
24. Audit.- 1. The accounts of the Exim Bank shall be audited by auditors duly qualified to act as auditors under sub-section (1) of section 226 of the C...
25. Saving.- Save as otherwise provided in sub-section (4) of section 19, nothing contained in this Chapter shall apply to the Export Development Fund....
|Chapter VIII||Transfer of Part of Business of Development Bank|
Transfer of part of business of Development Bank
Chapter VIII: Transfer of Part of Business of Development Bank26. Transfer of part of business of Development Bank.- 1. On such date as the Central Gove...
Staff of Exim Bank
Chapter IX: Miscellaneous 1. The Exim Bank may appoint such number of officers and other employees as it considers necessary or desirable for the effici...
Delegation of powers
28. Delegation of powers.- The Board may, by general or special order, delegate to any director or any officer or other employee of the Exim Bank, subject to...
29. Returns.- The Exim Bank shall furnish, from time to time, to the Central Government such returns as the Central Government may require....
Obligation as to fidelity and secrecy
30. Obligation as to fidelity and secrecy.- 1. The Exim Bank shall not, except as otherwise required by this Act or any other law, divulge any informati...
Defects in appointments not to invalidate acts, etc.
31. Defects in appointments not to invalidate acts, etc.- 1. No act or proceeding of the Board or of any committee of the Exim Bank shall be questioned ...
Arrangement with Exim Bank on appointment of directors to prevail
32. Arrangement with Exim Bank on appointment of directors to prevail.- 1. Where any arrangement entered into by the Exim Bank with a company provides fo...
Indemnity of directors
33. Indemnity of directors.- 1. Every director shall be indemnified by the Exim Bank against all losses and expenses incurred by him, in, or in relation...
Protection of action taken in good faith
34. Protection of action taken in good faith.- No suit or other legal proceeding shall lie against the Exim Bank or any director or any officer or other empl...
Act 18 of 1891 to apply in relation to Exim Bank
35. Act 18 of 1891 to apply in relation to Exim Bank.- The Bankers' Books Evidence Act, 1891 shall apply in relation to the Exim Bank as if it were a Bank as...
Section 34A and section 36AD only of Act 10 of 1949 to apply to Exim Bank
Nothing contained in the Banking Regulation Act, 1949, except section 34A and section 36AD thereof, shall apply to the Exim Bank....
Act 43 of 1961 and Act 7 of 1964 not to apply to Exim Bank
37. Act 43 of 1961 and Act 7 of 1964 not to apply to Exim Bank.- Notwithstanding anything contained in the Income-tax Act, 1961, or the Companies (Profits) Su...
Liquidation of Exim Bank
38. Liquidation of Exim Bank.- No provision of any law relating to the winding up of companies or corporations shall apply to the Exim Bank and the Exim Bank...
Power to make regulations
39. Power to make regulations.- 1. The Board may, with the previous approval of the Central Government, by notification in the Official Gazette, make re...
Amendment of certain enactments
40. Amendment of certain enactments.- Rep. by the Repealing and Amending Act, 1988 (19 of 1988), s. 2 and the First Schedule....
Power to remove difficulty
41. Power to remove difficulty.- If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, do anything, ...