15. Export Development Fund.—With effect from such date as the Central Government may, by
notification, appoint, the Exim Bank shall establish a special fund to be called the Export Development
Fund.
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16. Credits to Export Development Fund.—To the Export Development Fund shall be credited—
(a) all amounts received for the purposes of that Fund by way of loans, gifts, grants, donations or
benefactions from Government or any other source in or outside India;
(b) repayments or recoveries in respect of loans, advances or other facilities granted from the
Fund;
(c) income or profits from investments made from the Fund; and
(d) income accruing or arising to the Fund by way of interest or otherwise, on account of the
application of the Fund in accordance with the provisions of section 17.
17. Utilisation of Export Development Fund.—(1) Where the Exim Bank considers it necessary or
desirable so to do, it may, subject to the provisions of sub-sections (2) and (3), disburse or spend from the
Export Development Fund any amount on account or in consequence of the grant of any loan or advance,
or on account or in consequence of entering into any arrangement under sub-section (1) or clause (b) or
clause (c) or clause (d) or clause (q) or clause (r) or clause (s) or clause (w) or clause (x) of
sub-section (2) of section 10:
Provided that before granting any such loan or advance or entering into any such arrangement, the
Exim Bank shall obtain the prior approval of the Central Government.
(2) Before seeking the approval of the Central Government under sub-section (1), the Exim Bank
shall satisfy itself that banking or other financial institutions or other agencies are not likely to grant such
loan or advance, or to enter into any such arrangement in the ordinary course of business.
(3) The Central Government shall, before giving its approval, satisfy itself that such loan, advance or
arrangement is necessary as a matter of priority in the interests of the international trade of the country.
(4) For the removal of doubts, it is hereby declared that nothing contained in this section shall be
deemed to preclude the Exim Bank from granting any loan or advance or from entering into any
arrangement under sub-section (1) or clause (b) or clause (c) or clause (d) or clause (q) or clause (r) or
clause (s) or clause (w) or clause (x) of sub-section (2) of section 10 without the approval of the Central
Government, if no amount in respect thereof is to be disbursed or spent from the Export Development
Fund.
18. Debits to Export Development Fund.—(1) To the Export Development Fund shall be debited—
(a) such amounts as may from time to time be disbursed or spent under sub-section (1) of
section 17;
(b) such amounts as may be required for discharging the liabilities in respect of loans received for
the purposes of that Fund;
(c) any loss arising on account of investment made out of that Fund; and
(d) such expenditure arising out of, or in connection with, the administration and application of
the Fund as may be determined by the Board.
(2) No amount shall be debited to the Export Development Fund except as provided for in
sub-section (1).
19. Accounts and audit of Export Development Fund.—(1) The balance-sheet and accounts of the
Export Development Fund shall be prepared in such form and manner as may be prescribed.
(2) The Board shall cause the books and accounts of the Export Development Fund to be closed and
balanced as on the 31st day of December each year .
(3) The Export Development Fund shall be audited by one or more auditors appointed by the Central
Government under section 24 who shall make a separate report thereon.
(4) The provisions of sub-sections (2), (3), (4) and (6) of section 24 shall, so far as may be, apply in
relation to the audit of the Export Development Fund.
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(5) The Exim Bank shall furnish to the Central Government, within four months from the date on
which the accounts of the Export Development Fund are closed and balanced, a copy of the balance-sheet
and accounts together with a copy of the auditors’ report and a report on the operation of the Fund during
the relevant year and the Central Government shall, as soon as may be after they are received by it, cause
the same to be laid before each House of Parliament.
20. Liquidation of Export Development Fund.—The Export Development Fund shall not be closed
or wound up save by order of the Central Government and in such manner as that Government may
direct.