Last updated: December 11th, 2018 11:55 PM

FCRA Bank Account Opening

The Central Government, in a notice dated the 21st of December, 2017, directed all Non-Governmental Organizations (NGOs), business entities and individuals who are covered under the ambit of FCRA 2010 to open their bank accounts with any of the banks which has integrated its system with the Public Financial Management System (PMFS). It also notified that the process must be completed within a month of the publication of the notice. In this article, we look at the requirement posted by the Government for FCRA bank account opening in detail.

The Foreign Contribution Regulation Act, 2010

The Foreign Contribution Regulation Act, 2010 is a consolidating Act which was enacted with the object of regulating the acceptance and utilization of foreign contribution or hospitality by certain individuals, associations or companies. Also, it seeks to prohibit the acceptance and utilization of foreign contribution or hospitality for any activities which are detrimental to relevant matters, which includes national interests. Apart from the above functions, the Act monitors foreign funding for NGO