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

(1) Notwithstanding anything to the contrary contained in any other law, the provisions of the Agreement set out in the Schedule shall have the force of law in India: Provided that nothing in Article 56 of the Agreement shall be construed as -

1. entitling the Bank to import into India goods free of any duty of customs without any restriction on their subsequent sale therein; or
2. conferring on the Bank any exemption from duties or taxes which from part of the price of goods sold; or
3. conferring on the Bank any exemption from duties or taxes which are in fact no more than charges for services rendered.

(2) The Central Government may, by notification in the Official Gazette, amend the Schedule in conformity with any amendments, duly made and adopted, of the provisions of the Agreement set out therein.