The Asian Development Bank Act, 1966
Administered Ministry: Ministry of Finance / Department of Economic Affairs
Act details
| Short title | The Asian Development Bank Act, 1966 |
|---|---|
| Long title | An Act to implement the international agreement for the establishment and operation of the Asian Development Bank and for matters connected therewith. |
| Act number | 18 of 1966 |
| Act year | 1966 |
| Enactment date | 29 May 1966 |
| Ministry | Ministry of Finance / Department of Economic Affairs |
| Department | Department of Economic Affairs |
| Jurisdiction | Central (Parliament of India) |
| Sections | 7 |
| Schedules | 1 |
| Status | Not repealed |
| Last checked on India Code | 3 Nov 2026 |
| Source | India Code, Government of India |
Summary
Summary of the Asian Development Bank Act, 1966
Objectives of the Act
• To give effect in India to the Agreement Establishing the Asian Development Bank.
• To enable India to become and continue as a member of the ADB.
• To authorize the Central Government to subscribe to the Bank's capital stock and meet India's financial obligations under the Agreement.
• To confer on the ADB the privileges, immunities, exemptions, and facilities required for the performance of its functions in India.
Key Provisions
• Implementation of the ADB Agreement: The Act gives statutory effect to the Agreement Establishing the Asian Development Bank.
• Capital Subscription: It authorizes the Central Government to make payments towards India's subscription to the Bank's capital and to fulfil other financial commitments arising from India's membership.
• Privileges and Immunities: The Act grants the ADB, its property, assets, officials, and representatives certain privileges and immunities, including legal protection, tax exemptions, and other facilities, in accordance with the Agreement.
• Power to Make Rules: The Central Government is empowered to make rules for carrying out the provisions of the Act.
Legislative history
Legislative History:
The Asian Development Bank Act, 1966
● Act Title - The Asian Development Bank Act, 1966
● Act Number / Year - 18 of 1966
● Act ID (India Code) - 196618
● Presidential Assent Date - May 29, 1966
● Enforcement Date - December 19, 1966
● Nodal Ministry - Ministry of Finance
Precedent & Historical Rationale
● International Financial Cooperation - Enacted to implement the International Agreement establishing the Asian Development Bank (ADB) and to enable India’s full participation as a founding regional member state.
● Statutory Privileges & Legal Capacity - Formulated to confer legal personality, financial immunities, and status to the Asian Development Bank and its personnel within India in accordance with the international agreement.
Parliamentary Trajectory & Enactment
● Formulation - Introduced by the Ministry of Finance following the signature of the Agreement establishing the Asian Development Bank in Manila in December 1965.
● Parliamentary Passage - Debated and passed by both Houses of Parliament (Third Lok Sabha and Rajya Sabha) during the May 1966 session.
● Presidential Assent - Received Presidential Assent on May 29, 1966.
● Enforcement - Enforced on December 19, 1966.
Source - Official Record of Parliament, India Code, and Ministry of Finance.