Foreign contribution transfers to unregistered recipients formerly required prior approval, capped transfers, declarations, and accountability by both parties. Rule 24, now omitted, earlier regulated transfers of foreign contribution to unregistered persons. A registered or prior-permission holder could transfer ... Summary
Foreign contribution transfers to unregistered recipients formerly required prior approval, capped transfers, declarations, and accountability by both parties.
Rule 24, now omitted, earlier regulated transfers of foreign contribution to unregistered persons. A registered or prior-permission holder could transfer only a prescribed proportion of foreign contribution to such a recipient after applying for and obtaining Central Government approval. The application required a declaration of compliance with the transfer limit and an undertaking not to transfer funds before approval. Transfers between registered or prior-permission holders did not require prior approval where the recipient had not been proceeded against. Both parties remained responsible for proper utilisation and disclosure in prescribed returns.
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