FCRA 1976 PDF

February 8, 2020   |   by admin

49 OF [31st March, ] An Act to regulate the acceptance and utilisation of foreign contribution or foreign hospitality by certain persons or associations. It may be pertinent to point out here that it was the Congress, under the stewardship of Manmohan Singh, that replaced the original FCRA, Interestingly, the FCRA law deemed Indian companies as “foreign” if overseas residents held more than 50 per cent of the shareholding.

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Nor did it do so against the Congress, which, as the leading Opposition party, did frca think it appropriate to protest this flagrant flouting of a judicial directive. Bishwajit Bhattacharyya, former additional solicitor general of India, said, “Parliament has every authority to amend laws retrospectively, but the context can be questioned in a court of law.

FCRA, provides that the certificate granted shall be valid for a period of five years and the prior permission shall be valid for the specific purpose or specific amount of foreign contribution for which permission was granted.

It prohibits electoral candidates, political parties, judges, MPs and even cartoonists from accepting foreign contributions. Further, every person who has been granted 196 certificate shall renew it within six months before the expiry of the period of certificate. Tax Incentives For Non-Residents.

Retro rules make a comeback

A person implementing an ongoing multi-year project shall apply for renewal twelve months before the date of expiry of the certificate of registration. Any move to condone an act that was in contravention of the old law would require an amendment, even though it has been repealed. With liberalisation which allowed foreign firms to own up to per cent in Indian companies, the FCRA had become a bit of a relic and its narrow definition of what fcrw “foreign” even more so.

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Officials said other firms, which were Indian subsidiaries of global giants, had also made donations to political parties and these would have attracted the test of being illegal, if the amendment had not been brought. Two-wheeler growth ride Business.

FCRA – Wikipedia

Somewhere in the minutiae of the Finance Bill is hidden a paragraph which states: If the foreign contribution relates to articles or foreign securities, the intimation shall be submitted in the prescribed Forms.

The Foreign Contribution Regulation Fcda contain the various forms prescribed for this purpose. It ordered the government and the Election Commission to take action against both the parties. The right to freedom of association is incorporated under the International Covenant on Civil and Political Rights, to which India is a party. It is advisable to obtain a certificatein the format incorporated at the end of the application form, from any of the competent authority mentioned therein viz.

To tide itself over this problem, the government was forced to do something that it promised not to do: Availability of Forms Please use the correct and current form.

That necessitated the first amendment, which was achieved by tweaking the Finance Bill for An association granted prior permission or registration under the Act can receive the foreign contribution and subsequently utilise it using a single designated bank account, as intimated in the application form. The focus of this Act is fcfa ensure that the foreign contribution and foreign hospitality is not utilized to affect or influence electoral politics, public servants, judges and other people working the important areas of national life fcrz journalists, printers and publishers of newspapers, etc.

Since the FCRA Act, is national security legislation; NGOs are required to exercise extreme care and caution in dealing with foreign contribution from the time of its receipt to its final utilization.

It was to fcga an independent, statutory body along the lines of the Bar Council. The provisions of the Foreign Contribution Regulation Act, regulate the receipt of foreign contribution in the country.

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Designated Bank Account An association granted prior permission or registration under the Act can receive the foreign contribution and subsequently utilise it using a single 19776 bank account, as intimated in the application form. One cannot deny that corrupt NGOs exist, or that unscrupulous NGOs that receive foreign funds may serve as conduits for money laundering.

Any person whose request has ceased shall be able to prefer a fresh on-line application only after six months from the date of cessation of the previous application. For more details see section 2 1 e of the Foreign Contribution Regulation Act, Please use the correct and current form.

This article is closed for comments. Firstly, FCRA registration under the earlier law was permanent, but under the new one, it expired after five years, and had to be renewed afresh. Maintenance of Accounts An association granted prior permission or registration under the Act must maintain a separate set of accounts and records exclusively for the foreign contribution received and utilised in the prescribed manner. What is Foreign Contribution Foreign contribution means the donation, delivery or transfer, made by any foreign source of any, Article, not given to a person as a gifitfor personal use, if the market value, in India, of such article exceeds one thousand rupees; Currency, whether Indian or foreign; or, Foreign security as defined in clause 2 i of the Foreign Exchange Regulation Act, New provision has also been made for management of foreign contribution and assets created out of such contribution of persons whose certificates have been cancelled.