Interest as foreign contribution must be credited to the FCRA utilization account; FD returns allowed if not speculative. Interest and income earned from foreign contribution constitute foreign contribution and must be credited back into the foreign contribution account for utilization under the FCRA. Proceeds of fixed deposits or investments created from foreign contribution, on maturity or receipt of returns, may be credited into the association's FCRA utilization account with any bank provided such investments do not fall within the category of speculative activities under the Foreign Contribution (Regulation) Rules, 2011.
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Provisions expressly mentioned in the judgment/order text.
Interest as foreign contribution must be credited to the FCRA utilization account; FD returns allowed if not speculative.
Interest and income earned from foreign contribution constitute foreign contribution and must be credited back into the foreign contribution account for utilization under the FCRA. Proceeds of fixed deposits or investments created from foreign contribution, on maturity or receipt of returns, may be credited into the association's FCRA utilization account with any bank provided such investments do not fall within the category of speculative activities under the Foreign Contribution (Regulation) Rules, 2011.
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