Section 1. Short title, extent and commencement

1. Short title, extent and commencement.— (1) This[2] [Act] may be called the International Monetary Fund and Bank[2] [Act], 1945. (2) It extends to[4] [the whole of India[5] * * *]. (3) It shall come into force[6] at once. 1. Published in the Gazette of India, Extraordinary, dated the 24th December, 1945, as Ordinance No. 47 of 1945. The Ordinance, made in exercise of the powers conferred by section 72 of the Government of India Act, as set out in the Ninth Schedule to the Government of India Act, 1935 (26 Geo. 5, c. 2), was converted into an Act by Act 25 of 1959. 2. Subs. by Act 25 of 1959, s. 2, for "Ordinance". 3. Subs by s. 3, ibid ., for the last paragraph of the preamble and the enacting formula. 4. Subs. by the A.O. 1950, for "all the Provinces of India". 5. The words "except Part B States" omitted by Act 3 of 1951, s. 3 and the Sch. 6. This Act has been extended in its application to the Union territory of Goa, Daman and Diu by Act 11 of 1963, s. 3 and the Schedule (w.e.f. 1-2-1965). 7. Subs. by Act 41 of 1969, s. 2, for certain words (w.e.f. 26-12-1981). 8. Omitted by Act 67 of 1982, s. 2 (w.e.f. 15-1-1983). 9. Subs. by Act 25 of 1959, s. 4, for "to the International Bank under paragraph (a)". 10. Subs. by Act 67 of 1982, s. 2, for "paragraph (b) of section of Article IV" (w.e.f. 15-1-1983). 11. Ins. by Act 41 of 1969, s. 2 (w.e.f. 26-12-1981). 12. Subs. by Act 67 of 1982, s. 2, for "Article XXVI" (w.e.f. 15-1-1983). 1[(dd) any assessments required to be paid by the Central Government to the International Fund under section 4 or section 5 of[2] [Article XX] of the Fund Agreement;] (e) any compensation required to be paid by the Central Government to the International Fund or to any member thereof under 3[Schedule I, Schedule J or Schedule K] to the Fund Agreement. (2) The Central Government may, if it thinks fit so to do, create and issue to the International Fund or International Bank, in such form as it thinks fit, any such non-interest bearing and nonnegotiable notes or other obligations as are provided for by[4] [section 4] of Article III of the Fund Agreement and section 12 of Article V of the Bank Agreement.