REGISTERED NO. D.221

The Gazette of India

EXTRAORDINARY

PART II—Section 1

PUBLISHED BY AUTHORITY

No. 55]

NEW DELHI, FRIDAY, DECEMBER 26, 1969/PAUSA 5, 1891 (SAKA)

Separate paging is given to this part In order that it mny be filed

as a separate compilation.

MINISTRY OF LAW

(Legislative Department)

New Delhi, the 26th December, 1969|Pausa 5, 1891 (Saka)

The following Acts of Parliament received the assent of the President

on the 26th December, 1969, and are hereby published for general

information: —

THE FOREIGN EXCHANGE REGULATION

(AMENDMENT) ACT, 1969

No. 40 OF 1969

[26th December, 1969]

An Act further to amend the Foreign Exchange Regulation Act 1947.

BE it enacted by Parliament in the Twentieth Year of the Republic

of India as follows:—

1. This Act may be called the Foreign Exchange Regulation (Amend-

ment) Act, 1969.

2. In section 12 of the Foreign Exchange Regulation Act, 1947 (here-

inafter referred to as the principal Act), for sub-section (1), the follow-

ing sub-section shall be substituted, namely: —

"(1) The Central Government may, by notification in the Offi-

cial Gazette, prohibit the taking or sending out by land, sea or air

(hereafter in this section referred to as export) of all goods or of

any goods or class of goods specified in the notification from India

directly or indirectly to any place so specified unless the exporter

furnishes to the prescribed authority a declaration in the prescribed

7 of 1947

Short

title.

Amend-

ment of

section IS.

393

394

T H E GAZETTE OF INDIA EXTRAORDINARY

[PABT II

form supported by such evidence as may be prescribed or so speci-

fied and true in all material particulars which, among others, shall

include the amount representing—

(*) the full export value of the goods; or

(ii) if the full export value of the goods is not ascertainable at

the time of export, the value which the exporter, having regard

to the prevailing market conditions, expects to

receive on the

sale of the goods in the course of international trade,

and affirms in the said declaration that the ful] export value of the

goods (whether ascertainable at the time of export or not) has been,

or will within the prescribed

period be, paid in the prescribed

manner.".

3. In section 23A of the principal Act, for the words,

brackets and

figures "the restrictions imposed by sub-sections (1) and (2) of section

8", the words, brackets and figures "fhe restrictions imposed by or under

sub-sections (1) and (2) of section 8" shall be substituted.

4. (1) The Foreign Exchange Regulation (Amendment)

Ordinance,

1969 is hereby repealed.

(2) Notwithstanding such repeal, anything done or any action taken

tinder the principal Act, as amended by the said

Ordinance,

shall be

deemed to have been done or taken under the principal Act as amended

by this Act as if this Act had come into force on the 13th day of Novem-

ber, 1969.

Amend-

ment of

Bection

23A.

Repeal

and

saving.

9 of 10W.

THE INTERNATIONAL MONETARY FUND AND BANK

(AMENDMENT) ACT, 1969

No. 41 OF 1969

[26th December, 1969]

An aci further to amend the International Monetary Fund and

Bank Act, 1945.

BE it enacted by Parliament in the Twentieth Year of the

Republic

of India as follows: —

1. (1) This Act may be called the International Monetary Fund

and

Bank (Amendment) Act, 1969.

(2) It shall come into force on such date as the Central Government

may, by notification In the Official Gazette, appoint.

2. In section 2 of the International Monetary Fund and Bank Act, 1945

(hereinafter referred to as the principal Act), In sub-section

(1),~

(a) for the words "There shall be paid out of the Consolidated

Fund of India", the words "There shall be paid, after due appropria-

tion made by Parliament by law in this behalf, out of the Consolidat-

ed Fund of India" shall be substituted;

(b) In clause (c), after the words and figures "under section 8 of

Article V", the words and figures ", or under section 2, section 3 or

section 5 of Article XXVI," shall be inserted;

Short title

and com-

mence-

ment

Amend-

ment of

section 2.

SEC. 1]

THE GAZETTE OF INDIA EXTRAORDINARY

395

following

clause shall be inserted,

namely: —

"(dd) any assessments required to be paid by the Central

Government to the International Fund under section 4 or section

5 of Article XXVI of the Fund Agreement;".

3. After section 3 of the principal Act, the following section shall be

Inserted, namely: —

"3A. The Reserve Bank may, on behalf of the Central Govern-

ment, use, receive, acquire, hold, transfer or operate the

special

drawing rights of that Government in the International Fund and

perform all acts supplemental or incidental thereto.".

Insertion

of new

•ectlcm SA,

Reserve

Bank to

use, re-

ceive,

acquire,

etc., special

drawing

rights on

behalf of

Central

Govern-

ment.

N. D. P. NAMBOODIRIPAD,

Joint Secy, to the Govt. of India.

PMNTBD BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD

NEW DELHI AND PUBLISHED

THE MANAQBB

PUBLICATIONS,

DELHI, 1969