Section 5 of ADBA : Section 5: Conferment Of Status And Certain Immunities, Exemptions And Privileges On Bank And Conferment Of Certain Immunities, Exemptions And Privileges On Its Officers And Employees
ADBA
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Explanation using Example
Imagine a scenario where the African Development Bank (AfDB) plans to establish an office in India. According to Section 5(1) of The African Development Bank Act, 1983, the agreement that India has with the AfDB would be recognized as law within India. Despite this, the bank cannot import goods into India without paying customs duty if it intends to sell those goods within the country. Moreover, the bank would not be exempt from taxes included in the price of goods it sells, nor from taxes th...
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