[Repealed by Act 19 of 2015, S. 2 and Sch. I, dated 14-5-20152]
Be it enacted by Parliament in the Sixty-second Year of the Republic of India as follows
Prefatory Note Statement of Objects and Reasons. The Export-Import Bank of India Act, 1981 was enacted to establish a corporation to be known as the Export-Import Bank of India for providing financial assistance to exporters and importers, and for functioning as the principal financial institution for co-ordinating the working of institutions engaged in financing export and import of goods and services with a view to promoting the country's international trade. The aforesaid Act was amended in the years 1985, 1988, 1998, 1999, 2005 and 2006.
2. The Export and Import Bank (EXIM Bank) was established under the Export-Import Bank Act, 1981 with an authorised capital of five hundred crores of rupees. Subsequently, in the year 1999, the authorised capital of the EXIM Bank was increased to one thousand crores of rupees with a provision that the Central Government may, by notification, increase the authorised capital up to two thousand crores of rupees in the year 2007. The issued capital of the EXIM Bank is wholly subscribed by the Central Government.
3. It has become necessary to provide for an adequate capital base to the EXIM Bank to meet the requirement of capital arising from the significant business growth recorded by the EXIM Bank in the recent years and the growth momentum is expected to be sustained in future. Accordingly, it is proposed to increase the authorised capital of the EXIM Bank from two thousand crores of rupees to ten thousand crores of rupees with a provision that the Central Government may increase the authorised capital up to an amount that it may deem necessary from time to time.
4. The proposed amendments would enable the EXIM Bank to make fresh borrowings, borrow to fund commitments under export Line of Credits, strengthen the capital base, enable the Bank to enhance single or group borrowers exposure limits and comply with regulatory requirements.
5. The Export-Import Bank of India (Amendment) Bill, 2011 provides for the following, namely
(a) to increase the authorised capital of the EXIM Bank from two thousand crores of rupees to ten thousand crores of rupees with a provision that the Central Government may, by notification, increase the authorised capital up to an amount that it may deem necessary from time to time; and
(b) to make provision for appointment of two whole-time directors in the EXIM Bank by the Central Government.
6. The Bill seeks to achieve the above objects.
(1) This Act may be called the Export-Import Bank of India (Amendment) Act, 2011.
(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
In Section 4 of the Export-Import Bank of India Act, 1981 (28 of 1981) (hereinafter referred to as the principal Act), for sub-section (1), the following sub-section shall be substituted, namely
(1) The authorised capital of the Exim Bank shall be ten thousand crores of rupees:
Provided that the Central Government may, by notification, increase the said capital up to an amount that it may deem necessary from time to time. .
In Section 6 of the principal Act,
(a) in sub-section (1), after clause (a), the following clause shall be inserted, namely
(aa) two whole-time directors appointed by the Central Government; ;
(b) in sub-sections (2), (3), (4) and (5), after the words the managing director wherever they occur, the words or the whole-time director shall be inserted.
In Section 8 of the principal Act, in the proviso, after the words the managing director , the words or the whole-time director shall be inserted.
1 Received the assent of the President on January 12, 2012 and published in the Gazette of India, Extra., Part II, Section 1, dated 13th January, 2012, pp. 1 2, No. 11
2 Ed.: Act 11 of 2012 repealed by Act 19 of 2015, S. 2 & Sch. I. See also S. 4 of the Repealing and Amending Act, 2015: 4. Savings. The repeal by this Act of any enactment shall not affect any Act in which such enactment has been applied, incorporated or referred to; and this Act shall not affect the validity, invalidity, effect or consequences of anything already done or suffered, or any right, title, obligation or liability already acquired, accrued or incurred, or any remedy or proceeding in respect thereof, or any release or discharge of or from any debt, penalty, obligation, liability, claim or demand, or any indemnity already granted, or the proof of any past act or thing; nor shall this Act affect any principle or rule of law, or established jurisdiction, form or course of pleading, practice or procedure, or existing usage, custom, privilege, restriction, exemption, office or appointment, notwithstanding that the same respectively may have been in any manner affirmed, recognised or derived by, in or from any enactment hereby repealed; nor shall the repeal by this Act of any enactment provide or restore any jurisdiction, office, custom, liability, right, title, privilege, restriction, exemption, usage, practice, procedure or other matter or thing not now existing or in force.