1. Short title and extent.—(1) This Act may be called the International Finance Corporation
(Status, Immunities and Privileges) Act, 1958.
(2) It extends1
to the whole of India.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “Agreement” means the Agreement for the establishment and operation of the
international body known as the International Finance Corporation;
(b) “Corporation” means the International Finance Corporation established under the
Agreement.
3. Conferment of status and certain immunities and privileges on the Corporation and
conferment of certain immunities and privileges on its officers and employees.—(1)
Notwithstanding anything to the contrary contained in any other law, the provisions of the Agreement
set out in the Schedule shall have the force of law in India:
Provided that nothing in Section 9 of Article VI of the Agreement shall be construed as—
(a) entitling the Corporation to import into India goods free of any duty of customs without
any restriction on their subsequent sale therein; or
(b) conferring on the Corporation any exemption from duties or taxes which form part of the
price of goods sold; or
(c) conferring on the Corporation any exemption from duties or taxes which are in fact no
more than charges for services rendered.
(2) The Central Government may, from time to time, by notification in the Official Gazette,
amend the Schedule in conformity with any amendments, duly made and adopted, of the provisions of
the Agreement set out therein:
Provided that any notification issued under this sub-section shall be laid for not less than thirty
days before each House of Parliament as soon as may be after it is issued and shall be subject to such
modifications as Parliament may make during the session in which it is so laid or the session
immediately following.
4. Power to make rules.—(1) The Central Government may, by notification in the Official
Gazette, make rules for carrying out the purposes of this Act.
2
[(2) Every rule made under this Act shall be laid, as soon as may be after it is made, before each
House of Parliament, while it is in session, for a total period of thirty days which may be comprised in
one session or in two or more successive sessions, and if, before the expiry of the session immediately
following the session or the successive sessions aforesaid, both Houses agree in making any
modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter
have effect only in such modified form or be of no effect as the case may be; so, however, that any
such modification or annulment shall be without prejudice to the validity of anything previously done
under that rule.]