Foreign contribution to be received only in ‘‘FCRA Account’’ in SBI Main Branch 11 Sansad Marg New Delhi
The Foreign Contribution (Regulation) Amendment Act, 2020 amended section 17 of The Foreign Contribution (Regulation) Act, 2010 to provide that every person who has been granted certificate or prior permission under section 12 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, as the Central Government may, by notification, specify and for other consequential matters relating thereto.
Now, 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 the said sub-section.
The notification issued is as under:
- ICSI prescribes Due Diligence Report for Format for Listed Entities
- CBDT prescribes Form/manner of furnishing undertaking u/s 119 of Finance Act 2012
- Registration of Assignment of Receivables (Amendment) Rules 2021
- No plea can be taken for non supply of reopening reasons if never sought
- Bad debts u/s 36(1)(vii) disallowed as only provision made, not written off in books
MINISTRY OF HOME AFFAIRS
New Delhi, the 7th October, 2020
S.O. 3479(E).—In exercise of the powers conferred by sub-section (1) of section 17 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby specifies the State Bank of India, New Delhi Main Branch, 11, Sansad Marg, New Delhi-110001 as the branch for the purposes of the said sub-section.
[F. No. II/21022/23(35)/2019-FCRA-III]
ASHUTOSH AGNIHOTRI, Jt.Secy