Section 21 of The Export-Import Bank of India Act, 1981
General Fund.
All receipts of the Exim Bank other than those which are to be credited to the Export Development Fund under this Act shall be credited to a Fund to be called the General Fund and all payments by the Exim Bank, other than those which are to be debited to the Export Development Fund, shall be made out of the General Fund.
Summary
- The bank must maintain a General Fund for all its everyday business.
- Any money the bank receives that is not specifically for the Export Development Fund must go into this General Fund.
- Any payments the bank makes that are not charged to the Export Development Fund must come out of the General Fund.
- This fund acts as the main "wallet" for the bank's general operations.
Practical examples
FAQ
1. What is the difference between the General Fund and the Export Development Fund?
The General Fund handles all money and payments that are not specifically assigned to the special Export Development Fund.
2. Can a payment be made from both funds?
No, the law separates them; if it is not an Export Development Fund payment, it must come from the General Fund.
3. Where does the bank put the fees it collects from customers?
Those receipts are credited (added) to the General Fund, unless the law says they belong in the Export Development Fund.
Test yourself
Q1.Under Section 21 of The Export-Import Bank of India Act, 1981, where must the bank credit receipts that are not meant for the Export Development Fund?
Q2.According to Section 21 of The Export-Import Bank of India Act, 1981, which fund is used to make payments that are not debited to the Export Development Fund?
Q3.Under Section 21 of The Export-Import Bank of India Act, 1981, if the bank receives a donation specifically for the Export Development Fund, should it be placed in the General Fund?
Q4.Does Section 21 of The Export-Import Bank of India Act, 1981, allow the bank to use General Fund money for Export Development Fund expenses?