Foreign Contribution (Regulation) Act, 2010 - Requirement Of Designated FCRA Account: AZB & Partners
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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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