FCRA Account- based on The Foreign Contribution (Regulation) Amendment Act, 2020
The FCRA Wing of Ministry of Home Affairs (MHA), in pursuance to the FCRA Amendment Act, 2020 has released a Public Notice dated 13th October 2020, detailing the procedure to open FCRA Account in terms of Section 17 of the Foreign Contribution (Regulation) Amendment Act, 2020. The order mandates all NGOs seeking foreign donations to open a designated FCRA account at the State Bank of India’s New Delhi branch by March 31, 2021.
Accordingly, the following actions has to be taken by all the persons/NGOs/associations who have been granted FCRA registration:
1. FCRA Account to be opened in the New Delhi Main Branch (NDMB) of the State Bank Account of India, 11 Sansad Marg, New Delhi – 110001.
Details of the said Branch:
Branch Code: 00691
IFSC: SBIN0000691
SWIFT: SBININBB104
e-mail: [email protected]
2. The said FCRA Account shall be opened on or before 31st March, 2021, if not the registered persons shall not be allowed to receive any foreign contribution.
3. All the registered persons shall be eligible to receive foreign contribution only in the said FCRA Account with effect from 1st April, 2021 or the date of opening of the said account whichever is earlier.
4. Any nearest branch of SBI can be approached in order to open said FCRA Account with NDMB.
5. The existing FCRA Account can be retained and can be linked to the new FCRA Account and the funds can be moved from the FCRA Account to the existing FCRA account for utilization purpose.
6. There will not be any charges to transfer the funds from FCRA Account to existing FCRA account or other utilization accounts in any scheduled bank.