Power of Corporation to borrow

(1) The Corporation may, subject to such conditions as may be prescribed in this behalf, borrow money from the financial institutions or Commercial Banks or non-resident Indians or from the open market by issue of guaranteed or unguaranteed bonds, debentures stocks or otherwise, for the purpose of providing itself with adequate resources. (2) The maximum amount which the Corporation may at any time have on loan under sub-section (1) shall not exceed Rs. 1,000 crores, unless the Government fixes a higher maximum limit for this purpose. (3) The Corporation may approach any financial Institution or Commercial Bank for guaranteeing repayment of loans borrowed and payment of interest thereon on payment of guarantee Commission. (4) The Corporation may also accept contributions and donations from any individual including a non-resident Indian, or corporate body or trust, or multilateral agency for the purpose of undertaking projects or schemes notified under section 35 AC of the Income Tax Act, 1961(Central Act 43 of 1961): Provided that acceptance of any contribution or donation from a Non-resident Indian shall with the prior permission of the concerned authority under any law for the time being in force.