Section 8 of The Export-Import Bank of India Act, 1981
The directors and the members of a Committee shall be paid such fees and allowances as may be prescribed for attending the meetings of the Board or of any Committee constituted in pursuance of this Act and for attending to any other work of the Exim Bank: /hrt1 Provided that no fees shall be payable to the chairman, if he is appointed as a whole-time chairman, or to the managing director 1 [or the whole-time director] or to any other director or member who is an official of the Government, the Reserve Bank or the Development Bank.
Summary
- Directors and Committee members are paid fees and allowances for their work.
- This payment covers attending Board meetings and Committee meetings.
- It also covers any other specific work they do for the Exim Bank.
- The specific amounts for these fees are set by official regulations.
- A whole-time Chairman or Managing Director does not receive these extra fees.
- Government employees and officials from the Reserve Bank or Development Bank also do not get paid these fees.
Practical examples
FAQ
1. Why don't government officials get these fees?
The law specifically excludes officials of the Government, Reserve Bank, or Development Bank from receiving these payments.
Test yourself
Q1.Under Section 8 of The Export-Import Bank of India Act, 1981, who is specifically barred from receiving fees?
Q2.According to Section 8 of The Export-Import Bank of India Act, 1981, which official from another institution is excluded from receiving fees?
Q3.Under Section 8 of The Export-Import Bank of India Act, 1981, what type of work qualifies a member for fees and allowances?
Q4.How are the specific amounts for fees and allowances determined under Section 8 of The Export-Import Bank of India Act, 1981?