1[(1) The Bank shall establish and maintain a Fund to be known as the National Industrial Credit (Long Term Operations) Fund to which shall be credited—
(a) an initial sum of ten crores of rupees by the Bank;
(b) such further sums of money as the Bank may contribute every year:
Provided that the annual contribution during each of the five years commencing with the year ending on the 30th day of June, 1965 shall not be less than five crores of rupees:
Provided further that the Central Government may, if the circumstances so require, authorise the Bank to reduce the said sum of five crores of rupees in any year. (2) The amount in the said fund shall be applied by the Bank only to the following objects, namely:—
2* * * * *]
3[(c) the making to the Exim Bank 4[or the Reconstruction Bank 5[or the Small Industries Bank
6 [or the National Bank for Financing Infrastructure and Development or the other
development financial institution]], as the case may be] of loans and advances for the purposes of any business of the Exim Bank 4[or the Reconstruction Bank 5[or the Small Industries Bank 6[or the
National Bank for Financing Infrastructure and Development or the other development
financial institution,]] as the case may be];
(d) the purchasing of bonds and debentures issued by the Exim Bank 4[or the Reconstruction
Bank 5[or the Small Industries Bank 6[or the National Bank for Financing Infrastructure and Development or the other development financial institution,]] as the case may be].]
Footnotes in the official text
- 1.Ins. by Act 18 of 1964, s. 38 and Sch., II (w.e.f. 1-7-1964).
- 2.Clauses (a) and (b) omitted by Act 53 of 2003, s. 12 and Sch. (w.e.f. 2-7-2004).
- 3.Ins. by Act 28 of 1981, s. 40 and Sch. II (w.e.f. 1-1-1982).
- 4.Ins. by Act 62 of 1984, s. 71 and Sch. III (w.e.f. 20-3-1985).
- 5.Ins. by Act 39 of 1989, s. 53 and Sch. II (w.e.f. 7-3-1990).
- 6.Ins. by Act 17 of 2021, s. 47 and Sch. II (w.e.f. 19-4-2021).