Who can receive FCRA?
Ans. Section 11 of the FCRA, 2010 prescribes that no person, save as otherwise provided in the Act, shall accept foreign contribution unless such person obtains a certificate of registration or prior permission of the Central Government.
Can Section 8 companies receive contributions from overseas for non residents?
There are special requirements to be complied with under the Foreign Contribution and Regulation Act, 2010 before a Section 8 Company can receive any contributions or donations from overseas/outside India from non-residents. The provisions of the said Act are in addition to the provisions under the Companies Act.
Can NGOs receive foreign contribution?
Last September, the Foreign Contribution (Regulation) Act, 2010, was amended by Parliament and a new provision that makes it mandatory for all NGOs to receive foreign funds in a designated bank account at the State Bank of India’s New Delhi branch was inserted.
Can Indian trust receive 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).
Can political parties receive foreign funding Upsc?
As per the FCRA, members of legislatures, political parties, government officials, judges and media persons are prohibited from receiving any foreign contribution.
Can Section 8 accept foreign contributions?
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.
Can a private company receive donations?
The Companies Act, 2013 allows only banking companies, non-banking financial companies, housing finance company and company specified by the Central Government to accept invite, accept or renew deposits from the public. Therefore, private limited companies are strictly prohibited form accepting public deposits.
The benefits are availed under section 80G of the Income Tax Act, 1961. Stamp duty is also less for these companies as compared to other organizations. The companies which are registered under Section 8 do not require much share capital. They can be easily funded from subscriptions or donations made to them.
Can Trust accept foreign donations without FCRA?
Unless one has FCRA Prior Permission or FCRA Registration, one cannot accept donation (in any currency including INR, even from NRO or NRE acct)/ contribution in kind exceeding Rs 25,000 (excluding personal gifts)/ hospitality/ CSR support—from a foreign source.
Can cash in Indian currency be deposited in FCRA account?
Therefore, FC in INR from any foreign source, including foreigners of Indian origin having OCI/PIO card, are to be treated as FC under FCRA and should be allowed to be deposited in the designated FC A/c.
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|