Entities need not visit SBI Delhi to open FCRA Bank Account instead they may visit any branch

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 >>

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