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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>India Updates Foreign Contribution Rules: Electronic Filings, Quick Bank Reporting, and More Transparency in Financial Disclosures.</h1> The Foreign Contribution (Regulation) Amendment Rules, 2015, issued by the Ministry of Home Affairs, amend the 2011 rules under the Foreign Contribution (Regulation) Act, 2010. Key changes include mandating electronic submission of applications for registration or prior permission to accept foreign contributions via Form FC-3, and requiring banks to report foreign contribution transactions within 48 hours. The rules also stipulate that organizations must publish audited financial statements on their websites and report foreign contributions quarterly. Additionally, changes in designated bank accounts or key members must be reported electronically within 15 days. The amendment emphasizes transparency and accountability in handling foreign contributions.
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