Foreign contribution to be reported in 48 hour by Banks

By | April 27, 2016

Changes in FCRA

As per Foreign Contribution (Regulation) Amendment Rules, 2015 notified in Gazette of India on 14.12.2015, the Bank shall report to the Central Government within forty-eight hours any transaction in respect of receipt and utilization of any foreign contribution by any person whether or not such person is registered or granted prior permission under the Foreign Contribution (Regulation) Act, 2010. Consequently, it has been decided to bring all FCRA designated bank accounts and utilization accounts held by the associations granted registration or prior permission on the online platform of Public Finance Management Service for accessing these accounts for random scrutiny.

This was stated by the Minister of State for Home Affairs, Shri Kiren Rijiju in written reply to a question by Dr. K. P. Ramalingam in the Rajya Sabha today.

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