21. General Fund.—All receipts of the Exim Bank other than those which are to be credited to the
Export Development Fund under this Act shall be credited to a Fund to be called the General Fund and all
payments by the Exim Bank, other than those which are to be debited to the Export Development Fund,
shall be made out of the General Fund.
22. Preparation of accounts and balance-sheet.—(1) The balance-sheet and accounts of the Exim
Bank shall be prepared in such form and manner as may be prescribed.
(2) The Board shall cause the books and accounts of the Exim Bank to be closed and balanced as on
the 31st day of December each year.
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.
24. Audit.—(1) The accounts of the Exim Bank shall be audited by auditors duly qualified to act as
auditors under sub-section (1) of section 266 of the Companies Act, 1956 (1 of 1956), who shall be
appointed by the Central Government for such term and on such remuneration as the Central Government
may fix.
(2) The auditors shall be supplied with a copy of the annual balance-sheet of the Exim Bank and it
shall be their duty to examine it together with the accounts and vouchers relating thereto and they shall
have a list delivered to them of all books kept by the Exim Bank and shall at all reasonable times have
access to the books accounts, vouchers and other documents of the Exim Bank.
(3) The auditors may, in relation to such accounts, examine any director or any officer or other
employee of the Exim Bank and shall be entitled to require from the Board or officer or other employee
of the Exim Bank such information and explanation as they may think necessary for the performance of
their duties.
(4) The auditors shall make a report to the Exim Bank upon the annual balance-sheet and accounts
examined by them and in every such report they shall state whether in their opinion the balance-sheet is a
full and fair balance-sheet containing all necessary particulars and properly drawn up so as to exhibit a
true and fair view of the state of affairs of the Exim Bank and in case they had called for any explanation
or information from the Board or any officer or other employee of the Exim Bank whether it has been
given and whether it is satisfactory.
(5) The Exim Bank shall furnish to the Central Government within four months from the date on
which its accounts are closed and balanced, a copy of its balance-sheet and accounts together with a copy
of the auditors’ report and a report of the working of the Exim Bank 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.
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(6) Without prejudice to anything contained in the preceding sub-sections, the Central Government
may, at any time, appoint the Comptroller and Auditor-General of India to examine and report upon the
accounts of the Exim Bank and any expenditure incurred by him in connection with such examination and
report shall be payable by the Exim Bank to the Comptroller and Auditor-General of India.
25. Saving.—Save as otherwise provided in sub-section (4) of section 19, nothing contained in this
Chapter shall apply to the Export Development Fund.