Central
Section 1 of The International Monetary Fund and Bank Act, 1945
- (1)This 1[Act] may be called the International Monetary Fund and Bank 1[Act], 1945.
- (2)It extends to 2[the whole of India 3* * *].
- (3)It shall come into force at once.
Summary
- This section states the official name of the law, which is the International Monetary Fund and Bank Act, 1945.
- It explains that the law applies to the entire territory of India.
- It declares that the law starts working and comes into force immediately.
Practical examples
1Ramesh, a business owner in New Delhi, wants to know if a local financial regulation under this Act applies to his transactions. He looks up Section 1 and sees it extends to the whole of India, meaning it applies to his city.
2Anjali, a bank clerk in Mumbai, is asked by a customer on December 25, 1945, when this new law became active. She checks Section 1 and explains that it came into force at once, meaning it is already active.
FAQ
1. What is the official name of this law?
It is called the International Monetary Fund and Bank Act, 1945.
2. Which geographic areas does this law apply to?
It extends to the whole of India.
3. When did this law start being active?
It came into force at once.
Test yourself
Q1.What is the official name of this Act?
Q2.To which territories does this Act apply?
Q3.When does this Act come into force?
Q4.In what year was the Act named?
Q5.Which section details the short title, extent, and commencement?