Act Number: 28

Act Name: The Export-Import Bank of India Act, 1981

Year: 1981

Enactment Date: 1981-09-11

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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 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 deem fit out of the annual profits accruing to the General Fund.
     (2) After making provision for bad and doubtful debts, depreciation of assets and for all other matters for which provision is necessary or expedient or which is usually provided for by bankers and for the Reserve Fund referred to in sub-section (1), the Exim Bank shall transfer the balance of the net profits to the Central Government.
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