Ministry of Home Affairs: Opening of SBI Accounts by NGOS
Prior to the enactment of The Foreign Contribution (Regulation) Amendment Act 2020, exclusive FCRA bank accounts could be opened in any branch of scheduled banks.
The Foreign Contribution (Regulation) Amendment Act 2020, mandates that each FCRA NGO has to now compulsorily open an ‘FCRA account’ in SBI, Main Branch, New Delhi for initial remittance/receipt of foreign contribution (FC) from a foreign source.
The SBI (State Bank of India) has informed that as of 31.07.2021, a total of 18377 designated FCRA accounts have been opened with SBI, New Delhi Main Branch.
The details of Foreign Contribution (FC) received during the last three years as reported in Annual Returns filed by NGOs is given below: -
(Rs. in crores)
|
Financial Year |
Foreign Contribution (FC) received by NGOs (excluding interest earnings and net income generated by FC) |
|
2017-18 |
16940.58 |
|
2018-19 |
16525.73 |
|
2019-20 |
15853.94 |
In view of Covid-19 led constraints as well as to ensure a smooth transition to the amended FCRA regime, the FCRA NGOs were allowed to receive FC in their old FCRA accounts until 30 June 2021. Receipt of FC in SBI, New Delhi Main Branch has been made mandatory only from 1st July 2021 onwards.
This was stated by the Minister of State for Home Affairs, Shri Nityanand Rai in a written reply to a question in the Rajya Sabha today.
Release ID: 1744884
Note: please Comment Here for UPDATES and CORRECTIONS
Donate. Buy Us Coffee
Why news media is in crisis & How you can fix it.
India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises. But the news media is in a crisis of its own. There have been brutal layoffs and pay cuts. The best of journalism is shrinking, yielding to the crude prime-time spectacle. My digital news .in has very few young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here
Donate. https://mydigitalnews.in/donate
NOTE: Please email us for updates and corrections, if you wish to publish articles like this you can send them to info@mydigitalnews.in or mydigitalnews.in@gmail.com or you can Directicle write Articles on our Site by registering https://mydigitalnews.in/register
Disclaimer: Mydigitalnews.in provides the content from various information sources ‘as is and the content to be used only for informational purposes and not responsible for the inaccuracy or deficiency of the provided information. Mydigitalnews. in have the right, at its sole discretion, to make modifications in any aspect of the provided information.
Mydigitalnews. in Internet site may contain links to other Internet sites. While we try to link only to sites that share our high standards and respect for privacy, we are not responsible for the content or the privacy practices employed by other sites.
What's Your Reaction?
