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22 U.S.C. § 290j–1 — Use of United States owned rupees to capitalize the Fund

submitted 43 years ago by Pub. L. 98-164 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 159 words · no verdicts yet

in plain englishAI-generated · not legal advice

The President can give the India Fund up to $200 million in U.S.-owned rupees, following Treasury reimbursement rules. This money, and interest it earns, supports the Fund's cultural and educational programs.

(a) The President can give the Fund up to the equivalent of $200,000,000 in foreign currency the United States owns in India, or that India's government owes the United States. This must follow the usual rules for reimbursing the Treasury for U.S.-owned foreign currency. The Fund can use this money to carry out the agreement described in section 290j — and that use can include investing it, so the interest it earns stays in the Fund to support programs. (b) Under the agreement made under section 290j(a), money set aside for investment for the U.S.-India Fund for Cultural, Educational, and Scientific Cooperation — money provided by a 1985 appropriations act — along with any earnings on that money, can be used for the purposes described in section 290j(a).
the actual law source: uscode.house.gov ↗public domain
(a)

Subject to applicable requirements concerning reimbursement to the Treasury for United States owned foreign currencies, the President may make available to the Fund, for use in carrying out the agreement authorized by section 290j of this title, up to the equivalent of $200,000,000 in foreign currencies owned by the United States in India or owed to the United States by the Government of India. Such use may include investment in order to generate interest which would be retained in the Fund and used to support programs pursuant to that agreement.

(b)

In accordance with the agreement negotiated pursuant to section 290j(a) of this title, sums made available for investment for the United States-India Fund for Cultural, Educational, and Scientific Cooperation under the Departments of Commerce, Justice, and State, and the Judiciary and Related Agencies Appropriation Act, 1985, and any earnings on such sums shall be available for the purposes of section 290j(a) of this title.

Source credit: (Pub. L. 98–164, title IX, § 903, Nov. 22, 1983, 97 Stat. 1051; Pub. L. 99–93, title VIII, § 808, Aug. 16, 1985, 99 Stat. 452; Pub. L. 100–204, title III, § 305, Dec. 22, 1987, 101 Stat. 1379.)

history & why it existsrecord from the source credit
  • 1983Enacted · Pub. L. 98-164 · 97 Stat. 1051
  • 1985Amended · Pub. L. 99-93 · 99 Stat. 452
  • 1987Amended · Pub. L. 100-204 · 101 Stat. 1379

A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-164 on 1983-11-22.

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