Procedure for opening & operating the designated 'FCRA Account' as provided under the amended Section 17(1) of The Foreign Contribution (Regulation) Act, 2010
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Designated FCRA Account requirement: foreign contributions must be received only in the specified SBI New Delhi branch, with permitted transfers. Every person or entity granted registration or prior permission under the FCRA must receive foreign contribution only into a designated 'FCRA Account' opened at the specified State Bank of India New Delhi Main Branch (NDMB); no funds other than foreign contribution shall be received in that account. Existing account holders must transition to the NDMB designated account within the prescribed period, fresh applicants must open the NDMB designated account prior to receiving foreign contribution if later granted permission, and banks must report prescribed remittance particulars under Section 17(2).
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.
Designated FCRA Account requirement: foreign contributions must be received only in the specified SBI New Delhi branch, with permitted transfers.
Every person or entity granted registration or prior permission under the FCRA must receive foreign contribution only into a designated "FCRA Account" opened at the specified State Bank of India New Delhi Main Branch (NDMB); no funds other than foreign contribution shall be received in that account. Existing account holders must transition to the NDMB designated account within the prescribed period, fresh applicants must open the NDMB designated account prior to receiving foreign contribution if later granted permission, and banks must report prescribed remittance particulars under Section 17(2).
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