India extends UN (Privileges and Immunities Act) 1947 conferring legal immunity to the kind enjoyed by foreign missions and diplomats
Q. India has extended UN (Privileges and Immunities) Act 1947 confers legal immunity to the type enjoyed by foreign ministers and diplomats to which organisation’s reps and officials?- Published on 21 Jul 16a. International Finance Corporation
b. International Fiscal Corporation
c. International Federation Corporation
d. International Financial Council
ANSWER: International Finance Corporation
India has extended the United Nations (Privileges and Immunities) Act 1947 which confers legal immunity akin to the kind enjoyed by foreign missions and diplomats to the International Finance Corporation and its reps and officials.
- IFC, one of the affiliates of the World Bank addressed development challenges faced by the private sector in developing nations
- IFC website indicates that the financial products enables companies to manage and broaden access to foreign and domestic capital markets.
- The aim is to unlock private sector investment essential for businesses to expand and jobs to be created as well as growth and special focus on infrastructure, manufacturing, agribusinesses, services and financial markets.
- Among international institutions covered under the UN (Privileges and Immunities) Act 1947are International Civil Aviation Organisation, World Health Organisation, International Labour Organisation, Food and Agriculture Organisation of the UN, UNESCO and IMF.
- Among the privileges conferred under the Act include exemption from direct taxes, customs duties and prohibitions and restrictions on imports and exports in respect of articles imported or exported by the UN for official use and immunity from personal arrest or detention and seizure of personal baggage.
