Guidelines issued under Section 36(1)(a) of the Banking Regulation Act, 1949 -Implementation of the provisions of Foreign Contribution (Regulation) Act, 2010
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Foreign Contribution regulation: Banks must use single designated accounts and report foreign remittances promptly to authorities. Banks must ensure that registered persons receive foreign contribution only in a single designated account through specified bank branches and that no other funds are deposited therein. Banks and authorised persons in foreign exchange are required to report prescribed particulars of foreign remittances, including source, manner and other details, to the specified authority in the prescribed form and manner; banks must also report within thirty days any receipt by an unregistered person who required registration or any large receipt as specified by the Rules.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign Contribution regulation: Banks must use single designated accounts and report foreign remittances promptly to authorities.
Banks must ensure that registered persons receive foreign contribution only in a single designated account through specified bank branches and that no other funds are deposited therein. Banks and authorised persons in foreign exchange are required to report prescribed particulars of foreign remittances, including source, manner and other details, to the specified authority in the prescribed form and manner; banks must also report within thirty days any receipt by an unregistered person who required registration or any large receipt as specified by the Rules.
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