Entities need not visit SBI Delhi to open FCRA Bank Account. Entities may visit any SBI branch for opening FCRA Bank Account
The Foreign Contribution (Regulations) Amendment Act 2020 provides that every person who has been granted FCRA certificate shall receive foreign contribution only in an account designated as ‘‘FCRA Account’’ which shall be opened by him in such branch of the State Bank of India at New Delhi.
The Finance Ministry has notified State Bank of India (SBI), New Delhi Main Branch, 11, Sansad Marg, New Delhi-110001 as the branch for the purposes of receiving the foreign contribution.
For opening FCRA bank account, entities need not visit Delhi
The State Bank of India in a communication addressed to Ministry of Home Affairs (FCRA Division) has clarified that for the purpose of opening of FCRA bank account, the entities need not visit to Delhi and instead they can visit any branch of their choice near to them.
The SBI has also communicated the same to nearly 23000 entities along with format of FEMA declaration cum Undertaking, list of documents required for opening FCRA accounts.
The Ministry has already issued a Standard Operating Procedure ( SOP ) to open & operate the FCRA Account under amended FCAR 2020
Download Copy of communication from SBI Click Here >>
- Order u/s 69 of the CGST Act has to be communicated before arrest of person concerned– SC
- Refund can not be denied on the ground that it was claimed in a return filed u/s 148 – ITAT
- Distinction between religious & charitable purposes is determined by institution’s primary or dominant object
- Fit case to issue notice u/s 148 – Relevancy of material & application of mind to objections important
- AO is under an obligation to assign reasons for rejecting explanation of the assessee
