The African Development Bank Act, 1983

(1) This Act may be called the African DevelopmentBank Act, 1983. (2) It extends to the whole of India. (3) It shall come into force on such date1as the Central Government may, by notification in theOfficial Gazette, appoint.

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.

(1) There shall be paid out of the Consolidated Fund of India, after dueappropriation made by Parliament by law in this behalf, all such sums as may, from time to time, berequired for the purpose of paying,-- (a) the subscriptions payable by the Central Government to the Bank under Articles 6, 7, 10 and21 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 thinks fit so to do, create and issue to the Bank, in such form asit thinks fit, any non-interest bearing and non-negotiable notes or other obligations.

The Reserve Bank of India shall be the depository ofthe Indian currency holdings of the Bank.

(1) Notwithstanding anything to the contrary contained in any other law, the provisions ofthe 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 anyrestriction on their subsequent sale therein; or (b) conferring on the Bank any exemption from duties or taxes which form part of the price ofgoods sold; or (c) conferring on the Bank any exemption from duties or taxes which are in fact no more thancharges for services rendered. (2) The Central Government may, by notification in the Official Gazette, amend the Schedule inconformity with any amendments, duly made and adopted, of the provisions of the Agreement set outtherein.