Foreign Contributions regulation in India goes back to 1976, when the Foreign Contribution (Regulation) Act, 1976 was enacted to regulate the inflow of foreign funds to voluntary organizations set up for various socio-economic, religious or cultural objects. While the 1976 Act loosely regulated foreign funding to such organizations, in 2010 it was repealed in favour of a wider and stricter law on foreign contributions in India. The Foreign Contribution (Regulation) Act, 2010 (FCRA), along with the Foreign Contribution (Regulation) Rules, 2011 (FCRR) repealed the Foreign Contribution (Regulation) Act, 1976. The FCRA permitted registered entities to receive foreign contribution, but subject to strict conditions and disclosure requirements.
The Foreign Contribution (Regulation) Act, 2010 (FCRA):
The Effective Date of The Foreign Contribution (Regulation) Act, 2010 and the Foreign Contribution (Regulation) Rules, 2011 are applicable from 1st May,2011. It replaces Foreign Contribution (Regulation) Act, 1976.
The Object is
a. To regulate the acceptance and utilisation of foreign contribution (FC) or foreign hospitality (FH) by certain individuals or associations or companies.
b. To prohibit acceptance and utilisation of FC or FH for any activities detrimental to the national interest and matters connected or incidental thereto.
Its applicability extends to whole of India, and also applies to
a. Citizens of India who are outside India.
b. Associate branches or subsidiaries, outside India, of companies or bodies corporate, registered or incorporated in India.
Foreign Contribution means donation, delivery, or transfer made by any foreign source of:
a. Any article other than personal gifts of market value not exceeding such sum as may be specified by the Central Government.
b. Any currency whether Indian or foreign.
This story is from the May 2022 edition of BANKING FINANCE.
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This story is from the May 2022 edition of BANKING FINANCE.
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