law: Export-Import Bank of India Act, 1981
  17. Utilisation of
  
  Export Development Fund.-
  1.  
  
    Where
  
  the Exim Bank considers it necessary or desirable so to do, it may, subject to
  
  the provisions of sub-sections (2) and (3), disburse or spend from the Export
  
  Development Fund any amount on account or in consequence of the grant of any
  
  loan or advance, or on account or in consequence of entering into any
  
  arrangement under sub-section (1) or clause (b) or clause (c) or clause (d) or
  
  clause (q) or Clause (r) or clause (s) or clause (w) or clause (x) of
  
  sub-section (2) of section 10:
  Provided that before granting any such loan
  
  or advance or entering into any such arrangement, the Exim Bank shall obtain
  
  the prior approval of the Central Government.
  1.  
  
  
  2.  
  
    Before
  
  seeking the approval of the Central Government under sub-section (1), the Exim
  
  Bank shall satisfy itself that banking or other financial institutions or other
  
  agencies are not likely to grant such loan or advance, or to enter into any
  
  such arrangement in the ordinary course of business.
  3.  
  
    The
  
  Central Government shall, before giving its approval, satisfy itself that such
  
  loan, advance or arrangement is necessary as a matter of priority in the
  
  interests of the international trade of the country.
  4.  
  
    For
  
  the removal of doubts, it is hereby declared that nothing contained in this
  
  section shall be deemed to preclude the Exim Bank from granting any loan or
  
  advance or from entering into any arrangement under sub-section (1) or clause
  
  (b) or clause (c) or clause (d) or clause (q) or clause (r) or clause (s) or
  
  clause (w) or clause (x) of sub-section (2) of section 10 without the approval
  
  of the Central Government, if no amount in respect thereof is to be disbursed
  
  or spent from the Export Development Fund.