The companies registered under the FCRA need to preserve different accounts incurred under the FC head and send a return in the suggested format to the Ministry along with the audited statement of accounts of the previous year by 31 July every year.
The organizations signed up under the FCRA, should inform to the Ministry about any modification in name of the organization, its Registered Office and objectives and objects within 30 days of the appropriate modification. Prior permission will be needed from the stated the Ministry for any change in the designated bank or replacement of more than half of members of the governing body at the time of its registration under the FCRA.
The management must be well aware of various arrangements of the FCRA and ought to strictly follow the same otherwise they may deal with a number of strenuous penalties under the Act.
Foreign Contribution Regulation Act (FCRA) was enacted in the year 1976 and recently, customized in the year 2010 with the prime objective of controling the acceptance and utilization of foreign contribution and foreign hospitality by persons and associations working in the vital locations of nationwide interest. The focus of this Act is to make sure that the foreign contribution and foreign hospitality is not used to affect electoral politics, public servants, judges and other individuals working in to the essential locations of national interest viz reporters, printers and publishers of newspapers, etc.
