§290j–1 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The President can give the Fund up to $200,000,000 worth of foreign currency that the United States owns in India or that India owes to the United States. The money can be invested to earn interest, and that interest stays in the Fund to pay for the agreement’s programs. This is allowed only if Treasury repayment rules are followed. Money provided for the United‑India Fund under the 1985 appropriations act, and any earnings on it, can also be used to carry out the same agreement.

Title 22, §290j–1

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(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.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriation Act, 1985, referred to in subsec. (b), is Pub. L. 98–411, Aug. 30, 1984, 98 Stat. 1545. For provisions relating to contribution to the United States-India Fund for Cultural, Educational, and Scientific Cooperation, see 98 Stat. 1567.

Amendments

1987—Subsec. (b). Pub. L. 100–204 amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: “Pending completion of the negotiation of an agreement with the Government of India, the annual earnings generated by the moneys appropriated by the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriation Act, 1985, may be used for the purposes set out in section 290j(a) of this title.” 1985—Pub. L. 99–93 designated existing provisions as subsec. (a) and added subsec. (b).

§290j–1 Use of United States owned rupees to capitalize the Fund