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Friday, June 23, 2017

Govt reminder to NGOs: Validate accounts for foreign funds

The Union home ministry has sent a reminder to NGOs and associations that have failed to validate their foreign contribution designated bank accounts as well as utilisation accounts despite its instructions on June 7.

Citing its June 7 circular calling upon all associations that have not validated their foreign contribution designated accounts to comply with the FCRAFCRR provisions in this regard, the home ministry, in a fresh circular issued on Wednesday , asked them to do so immediately and send details like name of the bank, branch code, account number, IFSC etc online in form FC-6.

"It is... seen that a large number of associations have still not validated their foreign contribution designated accounts," it said and listed 1,927 defaulting NGOs.

On June 7, this list had 2,025 associations. This means only 98 NGOs have complied with the June 7 instruction asking them to validate their FCRA designated accounts and utilisation accounts within 15 days.

"Please note that non-compliance may lead to penal action as per the Foreign Contribution (Regulation) Act, 2010, and rules made thereunder," the circular warned.

All associations registered under Section 12 of FCRA, 2010, must receive foreign contributions in a single FCRA designated account.Foreign Contribution (Regulation) Rules further require all banks to report to the Centre all such receiptutilisation of foreign funding by the associations within 48 hours.

The MHA, in its June 7 circular, had pointed out that nonvalidation of foreign contribution designated accounts by many associations was causing problems for banks to comply with the provisions of FCRA and FCRR relating to reporting of receipts and utilisation of foreign funding by such associations within 48 hours.

Source: http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=Govt-reminder-to-NGOs-Validate-accounts-for-foreign-23062017019031

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