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of <h1>Entities with FCRA Registration Must Use SBI for Foreign Contributions Under Section 17; Transfers to Others Prohibited.</h1> Under Section 17 of the Foreign Contribution Regulation Act (FCRA) 2010, entities with FCRA registration must receive foreign contributions in a designated 'FCRA Account' at the State Bank of India, New Delhi Main Branch (NDMB). Guidelines issued in 2021 clarify that entities can open these accounts at any SBI branch without visiting Delhi. Transfers of foreign contributions to other entities are no longer permitted as of November 2020. Banks must report foreign contribution transactions to the Central Government within 48 hours. Changes in designated bank accounts or organizational details must be electronically reported within specified timeframes.
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