Section 12 in The Industrial Development Bank Of India Act, 1964
12. Loans in foreign currency.-(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.[* * *] [ Sub-Ss.(3) and (4) omitted by Act 5 of 1995, Section 14 (w.r.e.f. 12.10.1994).]
