(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 Article 49 of the Agreement shall be construed as--
(a) entitling the Fund to import into India goods free of any duty of customs without any restriction or their subsequent sale therein; or
(b) conferring on the Fund any exemption from duties or taxes which form part of the price of goods sold; or
(c) conferring on the Fund any exemption from duties or taxes which are in fact no more than charges for services rendered.
(2) The Central Government may, 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 nothing in Article 49 of the Agreement shall be construed as--
(a) entitling the Fund to import into India goods free of any duty of customs without any restriction or their subsequent sale therein; or
(b) conferring on the Fund any exemption from duties or taxes which form part of the price of goods sold; or
(c) conferring on the Fund any exemption from duties or taxes which are in fact no more than charges for services rendered.
(2) The Central Government may, 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.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Payments to Fund.Section 4 · Reserve Bank to be depository for Fund.Section 6 · Power to make rules.Section 7 · Notifications issued under section 5 and rules made under section 6 to be laid before Parliament.India Code, Government of India. Text fetched 13 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.