Page "government" Paragraph 611

With regard to the rupees accruing to uses indicated under Article 2, of the Agreement, the understanding of the Government of the United States of America, with respect to both paragraphs 1 ( B ) and 1 ( C ) of Article 2, is as follows: ( 1 )

Local currency will be advanced or reimbursed to the Government of India for financing agreed projects under paragraphs 1 ( B ) and 1 ( C ) of Article 2, of the Agreement upon the presentation of such documentation as the United States may specify.

( 2 )

The Government of India shall maintain or cause to be maintained books and records adequate to identify the goods and services financed for agreed projects pursuant to paragraphs 1 ( B ) and 1 ( C ) of Article 2, of the Agreement, to disclose the use thereof in the projects and to record the progress of the projects ( including the cost thereof ).

The books and records with respect to each project shall be maintained for the duration of the project, or until the expiration of three years after final disbursement for the project has been made by the United States, whichever is later.

The two Governments shall have the right at all reasonable times to examine such books and records and all other documents, correspondence, memoranda and other records involving transactions relating to agreed projects.

The Government of India shall enable the authorized representatives of the United States to observe and review agreed projects and the utilization of goods and services financed under the projects, and shall furnish to the United States all such information as it shall reasonably request concerning the above-mentioned matters and the expenditures related thereto.