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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....into operation vide Gazette Notification dated 29th September, 2020. The amended Section 17 of the Foreign Contribution (Regulation) Act, 2010 provides as under "17.(1) Every person who has been granted a certificate or given prior permission under section 12 shall receive foreign contribution only in an account designated as "FCRA Account" by the bank, which shall be opened by him for the purpose of remittances of foreign contribution in such branch of the State Bank of India at New Delhi, as the Central Government may, by notification, specify in this behalf: Provided that such person may also open another "FCRA Account" in any of the scheduled bank of his choice for the purpose of keeping or utilising the for....

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....(Regulation) Amendment Act, 2020 for compliance henceforth. The amended Section 17 mandates that each person/NGO/association which has been granted FCRA certificate of registration or prior permission shall henceforth receive such FC only in a designated "FCRA account" to be opened in the above-mentioned specified branch of SBI. The relevant particulars of this branch i.e. NDMB are as follows Branch Code : 00691 IFSC : SBIN0000691 SWIFT : SBINlNBB104 e-mail : [email protected] [email protected] [email protected] 4. All the persons/NGOs/associations who have been already granted certificate of registration or prior permission by the Central Government to receive FC and whose present accounts are....