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1988-05-03

Exim Bank Provident Fund Regulations

Act Short Title:	The Export-Import Bank of India Act, 1981
Act ID:	198128
Act Number:	28
Enactment Date:	1981-09-11
Act Year:	1981
Long Title:	An Act to establish a corporation to be known as the Export-Import Bank of India for providing financial assistance to exporters and importers, and for functioning as the principal financial institution for co-ordinating the working of institutions engaged in financing export and import of goods and services with a view to promoting the country s international trade and for matters connected therewith or incidental thereto.
Enforcement Date:	01-01-1982
Act Detail File

Related Section(s)

Section 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;

(b) "Development Bank" means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964);

(d) "export" and "import" mean, respectively, export from or import into India or any other country of goods or services, or both;

(e) "goods" includes all materials, commodities and articles in a solid, liquid or gaseous state and all forms of energy;

(f) "notification" means a notification published in the Official Gazette;

(g) "prescribed" means prescribed by regulations made under this Act;

(h) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934);

(i) "scheduled bank" means a bank, for the time being, included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);

(j) "services" includes,--

(I) providing personnel (including skilled or unskilled workmen and persons for rendering technical or other services) for the purposes of any work or project (by whatever name called) or any activity;

(II) transferring of technology, including transferring, or securing the transfer of rights, knowhow, expertises or other skill with respect to any patent, invention, model, design, secret formula or process or similar property;

(III) furnishing any information, blueprints, plans, or advice with respect to any matter; and

(IV) making available any other resources.

Section 27 : Staff of Exim Bank.

(1) The Exim Bank may appoint such number of officers and other employees as it considers necessary or desirable for the efficient performance of its functions and determine the terms and conditions of their appointment and service.

(2) Without prejudice to the provisions of sub-section (1), it shall be lawful for the Exim Bank to utilise, and for the Development Bank to make available the services of, such staff of the Development Bank having experience relating to export financing functions on such terms and conditions as may be agreed upon between the Exim Bank and the Development Bank.

(3) The duties and conduct, terms and conditions of service and the establishment and maintenance of a Provident Fund or any other Fund for the benefit of the officers and other employees of the Exim Bank shall be such as may be prescribed.

Section 39 : Power to make regulations.

(1) The Board may, with the previous approval of the Central Government, make regulations not inconsistent with this Act to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act.

(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for--

(a) the times and places of the meetings of the Board or of any committee constituted under this Act and the procedure to be followed at such meetings including the quorum necessary for the transaction of business;

(b) the fees and allowances that may be paid to the directors and the members of a committee;

(c) the form and manner in which the balance-sheets and the account of the Export Development Fund and the Exim Bank shall be prepared;

(d) the duties and conduct, and the terms and conditions of service of the officers and other employees of the Exim Bank;

(e) the establishment and maintenance of provident fund or any other fund for the benefit of the officers and other employees of the Exim Bank; and

(f) any other matter which is to be, or may be, prescribed.

(3) Every regulation made by the Board under this Act 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 in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation 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 regulation.