Integration of FCRA Bank accounts of individuals/organisations receiving foreign contributions under the FCRA, 2010 with the PFMS.
The Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) regulates the acceptance of the foreign contribution (FC) or foreign hospitality by certain individuals/associations/organisations/companies. The basis purpise of these Regulations is to ensure that such foreign contributions or hospitality is not utilised for the activities detrimental to the national interests .
To receive this object, under the Section 17 (1) of FCRA 2010, every person who has been granted a certificate of registration or given prior permission under section 12 shall receive foreign contribution in a single bank account with a Scheduled Bank only as specified in his application for grant of certificate: However, such person are allowed to open one or more accounts in one or more banks for utilising the foreign contribution received by him:
Form FC-3 which deals with the application for registration and prior permission; require the mention of separate bank account number and the branch of the bank in which the Foreign Funds will be received.
Integration of FCRA Bank accounts with PFMS
Now, the Central Government has decided that all banks where the FCRA registered persons/organisations have opened their FC accounts would be integrated with Public Financial Management System (PFMS) for providing a higher level of transparency and hassle free reporting compliance.
Accordingly, the Central Government has directed that all persons who are either registered or who have sought prior permission under the FCRA, 2010 shall open their bank accounts as mandated in section 17 of the FCRA, 2010 in one or more of the following banks:
|1.||Abu Dhabi Commercial Bank||2.||ICICI Bank|
|3.||The Cosmos Co-Operative Bank||4.||Bank of Baroda|
|5.||State Bank Of India||6.||South Indian Bank|
|7.||IDBI Bank||8.||Central Bank Of India|
|9.||Corporation Bank||10.||Karur Vysya bank|
|11.||Tamilnad Mercantile Bank Ltd.||12.||The Catholic Syrian Bank Ltd|
|13.||HDFC Bank||14.||UCO Bank|
|15.||IndusInd Bank Limited||16.||City Union Bank|
|16.||Syndicate Bank||18.||Allahabad Bank,|
|19.||The Jammu & Kashmir Bank Ltd.||20.||Punjab National Bank|
|21.||Allahabad UP Gramin Bank||22.||DCB Bank Ltd.|
|23.||Manipur state Co-op Bank||24.||Vijaya Bank|
|25.||Bombay Mercantile Co-operative Bank Ltd.||26.||Yes Bank|
|27.||Oriental Bank Of commerce||28.||Dena Bank|
|29.||Bank Of Maharashtra||30.||Canara Bank|
|31.||Andhra Bank||32.||Axis Bank|
This exercise is required to be completed within one month with intimation of the details of the bank accounts so opened in the prescribed format as provided under Rules 9 and 17A of Foreign Contribution (Regulation) Rules, 2011.
Download FCRA Notice No. 2/21022/58(951)/2017/FCRA(MU) dated 21.12.2017 Click Here >>
Note: Public Financial Management System (PFMS) initially started as a Plan scheme named CPSMS of the Planning Commission in 2008-09 as a pilot in four States of Madhya Pradesh, Bihar, Punjab and Mizoram for four Flagship schemes e.g. MGNREGS, NRHM, SSA and PMGSY. After the initial phase of establishing a network across Ministries / Departments, it has been decided to undertake National rollout of CPSMS (PFMS) to link the financial networks of Central, State Governments and the agencies of State Governments. The scheme was included in 12th Plan initiative of Planning Commission and Ministry of Finance.----------- Similar Posts: -----------