Foreign contribution banking requires receipt through the designated FCRA Account and restricts deposits to foreign contribution alone. Foreign contribution must be received through a designated "FCRA Account" at the Central Government-specified State Bank of India branch in New Delhi. ... Summary
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Foreign contribution banking requires receipt through the designated FCRA Account and restricts deposits to foreign contribution alone.
Foreign contribution must be received through a designated "FCRA Account" at the Central Government-specified State Bank of India branch in New Delhi. Recipients may maintain further scheduled-bank FCRA or utilisation accounts for amounts transferred from that receipt account, but no funds other than foreign contribution may enter such accounts. Relevant banks and authorised foreign-exchange persons must report prescribed remittances, their source, manner of receipt and other prescribed particulars.
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