Fcra R.

It is essential to get foreign contribution only in one designated savings account. The applicant company ought to open a fresh bank account with the objective to run it for such funds and mention it in the application. The said Ministry will directly notify the concerned bank to keep watch on the use of the foreign contribution and report back to the Ministry in case of any disparity.

The companies registered under the FCRA have to maintain separate accounts incurred under the FC head and submit a return in the suggested format to the Ministry together with the audited statement of accounts of the previous year by 31 July every year.

The organizations signed up under the FCRA, need to notify to the Ministry about any modification in name of the company, its Registered Workplace and aims and objects within 30 days of the applicable change. Likewise, prior permission will be needed from the stated the Ministry for any change in the designated bank or replacement of more than half of members of the governing body at the time of its registration under the FCRA.

The management should be well aware of different provisions of the FCRA and must strictly follow the exact same otherwise they might face a variety of strenuous punishments under the Act.

Foreign Contribution Regulation Act (FCRA) was enacted in the year 1976 and just recently, customized in the year 2010 with the prime goal of controling the approval and application of foreign contribution and foreign hospitality by persons and associations working in the vital locations of nationwide interest. The focus of this Act is to ensure that the foreign contribution and foreign hospitality is not utilized to influence electoral politics, public servants, judges and other people working in to the vital areas of nationwide interest viz journalists, printers and publishers of newspapers, and so on