Checklist for ensuring proper submission of applications, under the provisions of the Foreign Contribution (Regulation) Act, 1976, for acceptance of foreign contribution
An association with a definite cultural, economic, educational, religious or social programme
Types of permission
Open a separate bank account for the receipt and utilisation of foreign contribution in a bank of your choice and furnish particulars of the same at the appropriate place.
Note: Do not deposit any local funds, other than the essential initial deposit specified by the bank for opening an account, in this account.
Remember to enclose copies of the following documents with your application –
Furnish information exactly in the manner asked for in the form, especially the names and addresses of the members of the Executive Committee/Governing Council etc.
The forms can be downloaded from Ministry of Home Affairs Web Site at http://mha.nic.in/fcra/intro/forms.htm
CHARTERED ACCOUNTANTS / BANKS
i) Chartered Accountants, before certifying the accounts of an association in form FC – 3, must ensure that they have been prepared in accordance with the provisions of the Foreign Contribution (Regulation) Act, 1976 and the Rules framed there-under.
No bank should credit any foreign contribution to the account of an association / organisation unless it produces documentary proof of having obtained registration/prior permission from the Central Government for the same. Crediting of foreign contribution by a bank to the account of an association / organisation that has not obtained registration or prior permission from the Central Government constitutes a violation and will render the defaulting bank liable for action by the Reserve Bank of India.