Jan 29, 2021 Circulars & Notifications Attachment
The Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) assigns a very crucial role to banks. All foreign contributions (FCs) received from any “foreign source” (FS) must be necessarily received only in a bank account and must be routed and spent only through bank accounts. Therefore, the competent authorities in the banks are expected to scrupulously follow various provisions of the FCRA, 2010 and Foreign Contribution (Regulation) Rules, 2011 (FCRR, 2011).
A notification is issued by MHA on the Charter of Banks on 29.01.2021 and the same is attached herewith