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What is FCRA bank account?

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What is FCRA bank account?

The Foreign Contribution (Regulation) Act, 1976 (FCRA, 1976) casts a certain obligation on banks in regard to acceptance of foreign inward remittances for onward credit to the accounts of associations/organizations in India.

What is the meaning of FCRA?

Foreign contribution regulation Act
Foreign contribution regulation Act 1976 or FCRA is a law of government of India which regulates receipt of foreign contributions or aid from outside India to India territories.

Which bank can open FCRA account?

SBI says NGOs can apply for opening FCRA a/c in New Delhi main branch from any SBI branch – Times of India.

What is FCRA registration?

Charitable Trusts, Societies, Section 8 Company that receive foreign contribution or donation from foreign sources are required to obtain registration under Section 6(1) of Foreign Contribution Regulation Act, 2010. Such a registration under the Foreign Contribution Regulation Act, 2010 is called a FCRA registration.

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How many FCRA accounts are there?

But the FCRA Amendment Act, 2020 provides for three types of Accounts; Statutory Designated Account: The FCRA Amendment Act, 2020 states that the designated bank account, in which all the foreign contributions are received, should be opened in the Sansad Marg branch of State Bank of India at New Delhi.

Can we withdraw cash from FCRA account?

However, as per the Do and Don’t’s issued by the FCRA department for the FCRA Registered associations, it has been noted that the Cash Expenses and withdrawals is limited uptoRs. 2,000 in a single day.

How do I get FCRA funds?

Nonprofit NGO organization should have a FCRA certificate to receive foreign currency funds. Any type of NGO should apply to the Central government for prior permission to receive foreign currency from outside India towards their foreign fundraising.

How do I get a FCRA account?

Application Procedure

  1. The first step is the one where the online portal of FCRA needs to be accessed.
  2. Form FC – 3A (Application for FCRA Registration) or Form FC – 3B (Application for FCRA Prior Permission) is to be clicked on, as the case may be.
  3. The webpage will next present the user with an option to apply online.
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What is FCRA account in SBI?

The Ministry of Home Affairs (MHA) has permitted existing Foreign Contribution (Regulation) Act (FCRA) account holders, including NGOs and associations, to open their “FCRA Account” in the New Delhi Main Branch (NDMB) of the State Bank of India up to June 30, 2021.

What is the fees for FCRA registration?

An application made for the grant of prior permission is supposed to be accompanied by a fee of Rs. 1000/- while an application made for the grant of the registration shall be accompanied by a fee of 2000/-.

How can I open FCRA account in SBI?

If you are maintaining FCRA account with another bank, you can approach nearest SBI Branch or any branch of SBI of your choice for opening of Designated FCRA Account at NDMB and submit Account Opening Form (AOF) along with required documents including KYC documents (Scanned copy of AOF along with KYC checklist is …

What is the meaning of FCRA designated bank account?

FCRA Designated Bank Account Section 17 of the FCRA Act, 2010 states that the foreign contribution should be received only in the exclusive single FC account of a Bank (also called designated FC account), as mentioned in the order for registration or prior permission granted and should be separately maintained by the associations.

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Can a separate bank account be opened under FCRA for foreign donations?

But under FCRA, all foreign contribution should be received in one designated bank account only. Therefore, under no circumstances, separate bank account should be opened for receiving funds from various donors. However, for UTILIZATION purpose separate bank account can be opened for separate donors.

What is Section 17 of the FCRA act?

Section 17 of the FCRA Act, 2010 states that the foreign contribution should be received only in the exclusive single FC account of a Bank (also called designated FC account), as mentioned in the order for registration or prior permission granted and should be separately maintained by the associations.

How to apply for foreign contribution under FCRA?

The person may open one or more accounts in one or more banks for the purpose of utilizing the foreign contribution after it has been received and, in all such cases, intimation in form FC-6D shall be submitted online at the FCRA website within fifteen days of the opening of any account. Interest earned is part of foreign contribution