The Export-Import Bank of India Act, 1981

(1) This Act may be called the Export-Import Bank ofIndia Act, 1981. (2) It extends to the whole of India. (3) It shall come into force on such date 1as the Central Government may, by notification in theOfficial Gazette, appoint, and different dates may be appointed for different provisions of this Act.

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 theIndustrial Development Bank of India Act, 1964 (18 of 1964); (c) "Exim Bank" means the Export-Import Bank of India established under section 3; (d) "export" and "import" mean, respectively, export from or import into India or any othercountry of goods or services, or both; (e) "goods" includes all materials, commodities and articles in a solid, liquid or gaseous state andall 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 IndiaAct, 1934 (2 of 1934); (i) "scheduled bank" means a bank, for the time being, included in the Second Schedule to theReserve Bank of India Act, 1934 (2 of 1934); (j) "services" includes,-- (I) providing personnel (including skilled or unskilled workmen and persons for renderingtechnical or other services) for the purposes of any work or project (by whatever name called) orany 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, secretformula 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.

(1) With effect from suchdate as the Central Government may, by notification, appoint, there shall be established for the purposesof this Act a corporation to be known as the Export-Import Bank of India. (2) The Exim Bank shall be a body corporate with the name aforesaid having perpetual successionand a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose ofproperty and to contract, and may, by that name, sue or be sued. (3) The head office of the Exim Bank shall be at Bombay or at such other place as the CentralGovernment may, by notification, specify. (4) The Exim Bank may establish offices, branches or agencies at such places in or outside India as itmay consider necessary.

1[(1) The authorised capital of the Exim Bank shall be ten thousand crores ofrupees: Provided that the Central Government may, by notification, increase the said capital up to an amountthat it may deem necessary from time to time.] (2) The issued capital of the Exim Bank shall be wholly subscribed by the Central Government.

(1) The general superintendence, direction and management of the affairs andbusiness of the Exim Bank shall vest in the Board, which may exercise all powers and do all acts andthings which may be exercised or done by the Exim Bank. (2) Save as otherwise provided in the regulations made under this Act-- (a) the chairman, if he is a whole-time director or if he is holding offices both as the chairman andthe managing director, or (b) the managing director, if the chairman is not a whole-time director, or, if the chairman being awhole-time director, is absent, shall also have powers of general superintendence, direction and management of the affairs and businessof the Exim Bank and may also exercise all powers and do all acts and things which may be exercised ordone by the Exim Bank. (3) Subject to the provisions of this Act, the Board in discharging its functions shall act on businessprinciples with due regard to public interest. (4) In the discharge of its functions under this Act, the Exim Bank shall be guided by such directionsin matters of policy involving public interest as the Central Government may give to it in writing.