What is FCRA

What is FCRA: FCRA is a kind of aid-giving organization, under which any social service organization or NGO can do the work of taking financial assistance or grants from abroad, along with this, it is necessary to use these grants for social work and national interest only. This gives a lot of benefits and convenience to the people. This organization is a convenient organization. So if you also want to know about FCRA, then here you have to know what is FCRA? Full form of FCRA, information about the FCRA Act is being provided.

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FCRA is such a convenient institution, from which any aid-providing organization or NGO can easily get some benefits from abroad. Apart from this, if foreign financial assistance or grant is in any way harmful to the national interest or it seems wrong to take it for any wrong or suspicious activity, then first the government should take account of foreign financial cooperation and then take grant from it because Not long ago.

Many social service organizations and NGOs in India were banned from taking foreign funds because it was feared that these financial grants were being misused. Therefore, it was asked to stop it immediately.

Along with this, just a while back, the Ministry of Home Affairs has canceled the registration of top-eight educational institutions like Jawaharlal Nehru University, IIT-Kanpur, and Jamia Millia Islamia, and some other educational institutions due to inaccuracy in their FCRA accounts. have gone. Due to the cancellation of registration, now these institutions cannot receive foreign donations until they provide complete information about foreign financial cooperation to the government.

FCRA Full Form

The full form of FCRA is the “Foreign Contribution Regulation Act”, which is called Foreign Contribution (Regulation) Act in the English language. An NGO or social service organization that receives this contribution may also receive a foreign contribution, having a certain cultural, economic, educational, religious, or social program, to the exclusion of those specified in section 3 of the FCRA, 2010. A ‘person’ as defined in section 2(1)(m) with the prior permission of the Central Government, or himself associates with the Central Government.

Use Of Foreign Contribution

At present, the foreign contribution is being used for deposits or domestic funds. Also now it can’t be used from a bank account. Along with this, foreign contribution can also be received in rupees because any amount received from a ‘foreign source’ in rupees or foreign currency is used as a ‘foreign contribution’ under the law. And at the same time, such transactions in rupee terms are considered foreign contributions.

Procedure For Change Of Designated Bank Account

Change in bank account requires a lot of details of old bank account and proposed new bank as well as application in the form of the fresh name of the designated bank, name/address of the society, copy of registration under FCRA, copy Along with making changes in propriety account, change of designated account back from the proposed bank, the certificate may be provided to the Ministry of Home Affairs by resolution of the Executive Committee, now this account is being opened mainly for FCRA | In this, its form for opening an account has been obtained on the website https://mha.gov.in/.