Custody of unutilised foreign contribution shifts to the prescribed authority when an FCRA registration certificate is cancelled. Cancellation of the registration certificate of a person maintaining an FCRA Account under section 17 causes unutilised foreign contribution in that ... Summary
Custody of unutilised foreign contribution shifts to the prescribed authority when an FCRA registration certificate is cancelled.
Cancellation of the registration certificate of a person maintaining an FCRA Account under section 17 causes unutilised foreign contribution in that account to vest with the prescribed authority under the Act. The current framework replaced an earlier arrangement under which unutilised funds remained with the concerned bank pending further Central Government directions, including where foreign contribution had been transferred to another person.
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