Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in the Foreign Exchange Regulation Act, 1947 (7 of 1947) or in any other enactment for the time being in force relating to foreign exchange, the Development Bank may, for the purpose of granting loans and advances under this Act, borrow, with the previous consent of the Central Government, foreign currency from any bank or financial institution in any foreign country or otherwise. (2) The Central Government may, where necessary, guarantee any loan taken by the Development Bank under sub-section (1) or any part thereof as to the repayment of principal and the payment of interest and other incidental charges. [x x x x] Sub-sections (3) and (4) ins. by Act 75 of 1972, sec. 6 and omitted by Act 5 of 1995, sec. 14 (w.r.e.f. 12/10/1994).