Foreign Funding

fcra

fcra registration

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

The companies registered under the FCRA, should inform to the Ministry about any modification in name of the organization, its Registered Workplace and objectives and things within 30 days of the applicable modification. Similarly, prior consent will be needed 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 must be well aware of different arrangements of the FCRA and need to strictly follow the exact same otherwise they might deal with a number of rigorous 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 objective of managing the approval and utilization 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 influence electoral politics, public servants, judges and other individuals working in to the essential locations of national interest viz reporters, printers and publishers of newspapers, etc.