What is foreign contribution Regulation Amendment Act?

What is Foreign Contribution Regulation Act 2020?

The Foreign Contribution (Regulation) Amendment Bill, 2020 was introduced in Lok Sabha on September 20, 2020. The Bill amends the Foreign Contribution (Regulation) Act, 2010. The Act regulates the acceptance and utilisation of foreign contribution by individuals, associations and companies.

What is Foreign Contribution Regulation Act and how does it control donations?

The FCRA regulates foreign donations and ensures that such contributions do not adversely affect internal security. … Registered associations can receive foreign contribution for social, educational, religious, economic and cultural purposes. Filing of annual returns, on the lines of Income Tax, is compulsory.

What is the FCRA Amendment?

The FCRA, first enacted in 1976, was amended in 2010 when a slew of new measures were taken by the Ministry to regulate foreign donations. It was again amended in September last year. … Any other bank account can be linked to the main account but all foreign donations should be received in the SBI account.

What is foreign contribution under FCRA?

Q. 3 Section 2(c)(i) of repealed FCRA, 1976 inter alia defined foreign contribution as the donation, delivery or transfer made by any foreign source of any article, not given to a person as a gift for personal use, if the market value, in India, of such article exceeds one thousand rupees.

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What do you mean by FCRA?

Foreign contribution regulation Act 1976 or FCRA is a law of government of India which regulates receipt of foreign contributions or aid from outside India to India territories. This is essential to ensure that such aid does not effect political or any other situation in India.

What do you mean by foreign contribution?

Any amount received from ‘foreign source’ in rupees or foreign currency is construed as ‘foreign contribution’ under law. Such transactions even in rupees term are considered foreign contribution.

Why is FCRA needed?

The Objective of FCRA 2010

Regulate the acceptance and utilization of foreign contribution or foreign hospitality by certain individual associations or companies.

Who needs FCRA?

Charitable Trusts, Societies, Section 8 Company that receive foreign contribution or donation from foreign sources are required to obtain registration under Section 6(1) of Foreign Contribution Regulation Act, 2010. Such a registration under the Foreign Contribution Regulation Act, 2010 is called a FCRA registration.

What are the key rules under FCRA Act?

[(d) Any person making an application for registration under clause (a) of sub-rule (1) shall have an FCRA Account.]

Receipt of foreign contribution by way of gift from relative Yes/ No
Receipt of foreign contribution by a candidate for election Yes/ No

Can Trust accept foreign donations?

Any donation from a Non-resident Indian who is a foreign national can be received only if the recipient charitable trust or institution is registered under FCRA (Foreign Contribution Regulation Act, 2010).

Is FCRA abolished?

The Congress government enacted the Foreign Contribution (Regulation) Act in 1976 to create a mechanism to regulate the acceptance and utilisation of foreign contribution or hospitality in India. Due to some deficiencies in the working of the 1976 Act, it was repealed and FCRA was enacted in 2010 by the UPA government.

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