18377 NGOs open SBI accounts to receive foreign funds after amendment in FCRA: MoS Home
New Delhi [India], August 11 (ANI): Minister of State for Home Affairs, Nityanand Rai, on Wednesday informed that under the Foreign Contribution (Regulation) Amendment Act 2020, all foreign-funded NGOs have to compulsorily open an FCRA account in State Bank of India's main branch at New Delhi for initial remittance/receipt of foreign contribution (FC) from a foreign source.
ANI
Aug 11, 2021 15:07 IST
New Delhi [India], August 11 (ANI): Minister of State for Home Affairs, Nityanand Rai, on Wednesday informed that under the Foreign Contribution (Regulation) Amendment Act 2020, all foreign-funded NGOs have to compulsorily open an FCRA account in State Bank of India's main branch at New Delhi for initial remittance/receipt of foreign contribution (FC) from a foreign source.
In a written reply to the Upper House of the Parliament, Rai said that as per the SBI, as on July 31, 2021, a total of 18377 designated FCRA accounts were opened with SBI's main branch at New Delhi.
Furnishing details of Foreign Contribution (FC) received during the last three years, as reported in the Annual Returns filed by the NGOs, in Financial Year 2017-18, Rs 16940.58 Foreign Contribution (FC) was received by NGOs (excluding interest earnings and net income generated by FC), said the reply.
Subsequently, a Foreign Contribution of Rs 16525.73 was received in 2018-19, while in 2019-20, Rs 15853.94 was received, he said.
"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 June 30, 2021. Receipt of FC in SBI, New Delhi Main Branch has been made mandatory only from July 1, 2021, onwards," he added. (ANI)
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