Economy

India extends UN privileges to World Bank affliate IFC

India has extended the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947), which confers legal immunity akin to the kind enjoyed by foreign missions and diplomats, to the International Finance Corporation (IFC) and its representatives and officials.

IFC, one of the five affiliates of the World Bank, aims to address development challenges faced by the private sector in developing countries.

Overview listed on the IFC web site says that its financial products enable companies to manage risk and broaden their access to foreign and domestic capital markets. “Our advice helps unlock private sector investment, which is essential for expanding businesses, creating jobs, and growing economies” with a special focus on infrastructure, manufacturing, agribusiness, services, and financial markets.

Among the other international institutions which are covered under the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947) are International Civil Aviation Organisation, World Health Organisation, International Labour Organisation, Food and Agriculture Organisation of the United Nations, United Nations Educational, Scientific and Cultural Organisation and International Monetary Fund.

Among the privileges conferred under the Act include exemption from all direct taxes, customs duties and prohibitions and restrictions on imports and exports in respect of articles imported or exported by the United Nations for its official use and immunity from personal arrest or detention and from seizure of their personal baggage.

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Printable version | Apr 14, 2021 5:57:45 AM | https://www.thehindu.com/business/Economy/India-extends-UN-privileges-to-World-Bank-affliate-IFC/article14497704.ece

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