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of <h1>New FCRA Rules: Foreign Contributions Must Be Received in SBI New Delhi Account Only Under Section 17</h1> The Foreign Contribution (Regulation) Amendment Act, 2020, replaces section 17 of the principal Act, mandating that individuals with a certificate or prior permission under section 12 must receive foreign contributions only in a designated 'FCRA Account' at a specified State Bank of India branch in New Delhi. They may open additional FCRA Accounts in other scheduled banks for utilization. No non-foreign funds are allowed in these accounts. The specified bank branches must report foreign remittance details, including the amount, source, and manner of receipt, to the designated authority. This amendment took effect on September 29, 2020.
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