What is meant by FCRA?
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.FCRA Regulates by Foreign Contribution Regulation Act (FCRA) | Ministry of Home Affairs.
Why is FCRA needed ?
FCRA strives to ensure that the contributions received under the banner are from legitimate sources and are utilized for legitimate purposes.
Who is eligible for FCRA ?
In order to be eligible to apply for proper FCRA registration following minimum requirements must be met with: a) Be registered under the Societies Registration Act, 1860 or the Indian Trusts Act, 1882 or section 8 of the Companies Act, 2013 etc.