fcra registration

The management should be aware of various arrangements of the FCRA and need to strictly follow the same otherwise they might face a number of extensive punishments under the Act.

It is essential to receive foreign contribution only in one designated savings account. The applicant company should open a fresh bank account with the objective to run it for such funds and mention it in the application.

The companies signed up under the FCRA, need to inform to the Ministry about any change in name of the company, its Registered Office and objectives and things within 30 days of the appropriate change. Prior permission will be required from the said the Ministry for any change in the designated bank or replacement of more than half of members of the governing body at the time of its registration under the FCRA.

NGOs planning to get funds and donations from various other countries must first registered under the arrangements of Foreign Contribution Regulation Act, 1976. Either long-term registration or prior authorization for a certain contribution can be looked for from the FCRA Area of Ministry of Home Affairs. A signed up NGO having presence for a minimum of three years can be registered under this arrangement.

The companies registered under the FCRA need to keep separate accounts incurred under the FC head and send a return in the suggested format to the Ministry along with the audited statement of accounts of the previous year by 31 July every year.

The Ministry sends the accepted application to regional intelligence people for confirmation of the credentials and records of the company. On their favorable remarks, the FCRA Section of the Ministry problems the Certification of Registration to the candidate company.

The management must be aware of various provisions of the FCRA and need to strictly follow the same otherwise they could face a number of extensive punishments under the Act.