What is FCRA: Foreign Contribution Regulation Act (FCRA) is an act passed by Indian parliament in with the objective of regulating the. Full text containing the act, Foreign Contribution (Regulation) Act, , with all the sections, schedules, short title, enactment date, and footnotes. INTRODUCTION. Foreign Contribution (Regulation) Act, (FCRA) was enacted in the year with the prime objective of regulating the acceptance and.
|Genre:||Health and Food|
|Published (Last):||8 March 2013|
|PDF File Size:||18.72 Mb|
|ePub File Size:||9.36 Mb|
|Price:||Free* [*Free Regsitration Required]|
For more details see section 2 1 e of the Foreign Contribution Regulation Act, Go to Application Have a question? To tide itself over this problem, the government was forced to do something that it promised not to do: Protection of action taken in good faith. Amendment in the year The two subsidiaries were Sterlite Industries India and Sesa Goa, companies registered in India whose controlling shareholder was London-listed Vedanta. Do not deposit any local funds, other than the essential initial deposit specified by the bank for opening an account, in this account.
It is to be accompanied with the balance sheet and statement rcra receipt and payment, duly certifed by a Chartered Accountant, also in duplicate.
Swing time in stocks Business. Certain associations and persons receiving foreign contribution to give intimation to the Central Government. Maintenance of Accounts An association granted prior permission or registration under the Act must maintain a separate set of accounts and records exclusively for the foreign contribution received and utilised in the prescribed manner.
With the Lok Sabha passing the law without any debate, the legislators lost the opportunity to ask why a long dead act was being brought back to life.
It is a consolidating act whose scope is. As a result, any donation received from such a company was also treated as a foreign contribution. What is a Foreign Source Foreign source means the government of any foreign country or territory or 19766 agency; international agency; a foreign company; citizen of a foreign country. Power to impose additional fine where article or currency is not available for confiscation.
It is proposed to bring the said amendment with effect from 5th August,the date of commencement of the Foreign Contribution Regulation Act,which was repealed and re-enacted as the Ffcra Contribution Regulation Act, The provisions of the Foreign Contribution Regulation Act, regulate the receipt of foreign contribution in the country.
Availability of Forms Please use the correct and current form. Proper Filing of Application Please familiarise yourself with the provisions of the Foreign Contribution Regulation Act, and fcraa Foreign Contribution Regulation Rules, before making an application.
From Wikipedia, the free encyclopedia. This article may need to be rewritten entirely to comply with Wikipedia’s quality standards. This page 196 last edited on 19 Novemberat Open dcra separate bank account for the receipt and utilisation of foreign contribution in a bank of your choice and furnish particulars of the same at the appropriate place.
A number of NGOs receiving foreign funding are seen by the India’s central government as involved in anti-development activism and hence posing a negative impact on the economic growth by two to three per cent.
The Foreign Contribution Regulation Actwhich was enacted 42 years back, banned political parties from accepting donations from foreign firms, including Indian subsidiaries of foreign firms, unless prior permission had been taken for such donations.
Ensure that you furnish information exactly in the manner stated in the form. Authority to whom an application or intimation to be sent Limit to which a judicial officer, not below the rank of an Assistant Sessions Judge may make adjudication or order confiscation The intimation is to be given in Form FC — 5.
However, the old law as well as its successor – the FCRA – continued to define as “foreign” contribution any donation made by a firm which had more than 50 per cent foreign-owned fca.
Retro rules make a comeback
Please use the correct and current form. An association granted prior permission or registration under the Act can receive the foreign contribution and subsequently utilise it using a single designated bank account, as intimated in the application form. It is also an association and is usually registered under the Partnership Act, with the Registrar of the Firms. Acy in the year Provisions: The return is to be filed for every year 1st April to 31st March within a period of four months from the closure of the year i.
Power of Central Government to prohibit receipt of foreign contribution, etc. Intimation of foreign contribution by the recipient Validity of Certificate However, this change apparently did not cover the years prior towhen the FCRA was in force. It is not necessary that the association should be registered one but there must be some document to show its existence and working.
Somewhere in the minutiae of the Finance Bill is hidden a paragraph which states: Application to be made in prescribed form for obtaining prior permission to accept foreign contribution or hospitality.
Punishment for the contravention of any provision of the Act. Time Taken to Dispose Application An application for registration is normally disposed within six months. Act not to apply to government transactions. Investigation into cases under the Act. Two years ago, the Supreme Court struck down the appeals filed by the two political parties against the Acr high court verdict.
Foreign Contribution (Regulation) Act, – Wikipedia
Work From Home Work from home without Investment Everybody dreams of working from home and being your own aact but very few Foreign contribution cannot be accepted by a candidate for election; correspondent, columnist, cartoonist, editor, owner, printer or publisher of a registered newspaper; judge, government servant or employee of any corporation; member of any legislature; political party or office bearer thereof.
All grants and donations given in violation of FCRA will be condoned. Legal authorities say this is technically correct as the law was in force in those years. Bishwajit Bhattacharyya, former additional solicitor general of India, said, “Parliament has every authority to amend laws retrospectively, but the context can be questioned in a court of law.
Upload from Desktop Single File Upload. The receipt of foreign contribution is fcrx by the provisions of the Foreign Contribution Regulation Act, and the Foreign Contribution Regulation Rules, The Foreign Contribution Regulation Rules contain the various forms prescribed for this purpose.
Types of Permission i Registration under section 6 1 a ; and, ii Prior permission under section 6 1A.