Section 5
Certain provisions of Agreements to have force of law.
The International Monetary Fund and Bank Act, 1945
About this Act
An Act to implement the International Monetary Fund and Bank Agreements.
Notwithstanding anything to the
contrary contained in any other law, the provisions of the Fund and Bank Agreements set out in the
Schedule shall have the force of law in 1[India]:
Provided that nothing in section 9 of Article IX of the Fund Agreement or in section 9 of Article VII of the Bank Agreement shall be construed as--
(a) entitling the International Fund or International Bank to import into 1[India] goods free of any duty of customs without any restriction on their subsequent sale therein, or
(b) conferring on the International Fund or International Bank any exemption from duties or taxes which form part of the price of goods sold or which are in fact no more than charges for services rendered.
Provided that nothing in section 9 of Article IX of the Fund Agreement or in section 9 of Article VII of the Bank Agreement shall be construed as--
(a) entitling the International Fund or International Bank to import into 1[India] goods free of any duty of customs without any restriction on their subsequent sale therein, or
(b) conferring on the International Fund or International Bank any exemption from duties or taxes which form part of the price of goods sold or which are in fact no more than charges for services rendered.
Notes
1. Subs. by Act 3 of 1951, s. 3 and the Sch., for "Part A States and Part C States".