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AZB & Partners Report
The Foreign Contribution (Regulation) Act, 2010 read with the Foreign Contribution (Regulation) Rules, 2011, as amended from time to time is the cornerstone law that governs and regulates inter-alia the acceptance and utilisation of foreign contribution by persons in India.
FCRA has recently been amended through Foreign Contribution (Regulation) Amendment Act, 2020 (notified on Sept. 29, 2020) with stated objective to streamline the compliance mechanism, by enhancing transparency and accountability in the receipt and utilisation of foreign contribution.
We have analysed herein one of the key requirements under the FCR Amendment Act that mandates compulsory opening of a designated FCRA account and their implications.
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This alert does not constitute legal advice and is for information purpose only. This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
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