Seeks to amend Notification No. S.O. 3025(E), dated the 1st July, 2022 - Officer competent for compounding specified for Foreign Contribution (Regulation) Act

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....y sub-section (1) of section 41 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Home Affairs, vide number S.O. 3025(E), dated the 1st July, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), namely:- In the s....

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....nder section 37 for utilisation of foreign contribution in speculative activities in contravention of section 8(1) of the Act read with rule 4 of the Foreign Contribution (Regulation) Rules, 2011. Thirty per cent. of the amount invested in speculative activity or rupees one lakh, whichever is higher; and one hundred per cent. of ....

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....."; (b) for serial number 4 and the entries relating thereto, the following serial number and entries shall be substituted, namely:- "(1) (2) (3) (4) 4. (a) Offence punishable under section 35 for accepting [or utilising] foreign contribution in contravention of section 11 of the Act. One lakh rupees or thirty per cent. of the foreign&nb....