Student in New Delhi, India
It is important to get foreign contribution only in one designated savings account. For that reason, the applicant organization ought to open a fresh savings account with the intention to run it for such funds and discuss it in the application. The said Ministry will directly notify the worried bank to keep watch on the use of the foreign contribution and report back to the Ministry in case of any discrepancy.
The companies signed up under the FCRA need to preserve separate accounts incurred under the FC head and submit a return in the recommended format to the Ministry along with the audited statement of accounts of the previous year by 31 July every year.
The organizations registered under the FCRA, ought to notify to the Ministry about any change in name of the organization, its Registered Office and aims and items within 30 days of the suitable change. Likewise, prior consent will be required from the said the Ministry for any modification in the designated bank or replacement of majority of members of the governing body at the time of its registration under the FCRA.
The management should be well aware of numerous provisions of the FCRA and ought to strictly follow the same otherwise they could deal with a variety of strenuous penalties under the Act.
Foreign Contribution Regulation Act (FCRA) was enacted in the year 1976 and just recently, modified in the year 2010 with the prime goal of controling the acceptance and usage of foreign contribution and foreign hospitality by associations and individuals working in the vital areas of national interest. The focus of this Act is to guarantee that the foreign contribution and foreign hospitality is not made use of to impact electoral politics, public servants, judges and other individuals working in to the essential areas of national interest viz reporters, printers and publishers of newspapers, and so on FCRA
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