Banks have to report foreign contribution within 48 hours

Banks have to report foreign contribution within 48 hoursNEW DELHI: Banks will have to report to the central government within two days any information on NGOs getting foreign funds, Rajya Sabha was informed today.

“As per Foreign Contribution (Regulation) Amendment Rules 2015 notified in Gazette of India on December 14, 2015, the banks shall report to the central government within 48 hours any transaction in respect of receipt and utilization of any foreign contribution by any person,” Minister of State for Home Kiren Rijiju said in reply to a written question.

The order is applicable irrespective of whether or not such person is registered or granted permission under the FCRA.

The Minister said it has been decided to bring all FCRA designated bank accounts and utilization accounts held by the NGOs granted registration or prior permission on the online platform of Public Finance Management Service for accessing these accounts for random scrutiny.–PTI

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