Ministry of Home Affairs has issued a Public Notice dated 13th October, 2020 in order to prescribe the procedure for opening and operating the designated “FCRA Account” as provided under the amended provisions of the Foreign Contribution (Regulation) Act,2010 where 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.
Key points of the Public Notice are:
1. Each person/NGO/association which has been granted FCRA certificate of registration or prior permission shall henceforth receive such foreign contribution only in a designated “FCRA Account” to be opened in the specified branch of SBI. The relevant particulars of the New Delhi Main Branch (NDMB) of SBI are as follows:
a) Branch Code 00691
b) IFSC SBIN0000691
c) SWIFT SBININBB104
d) e-mail agmforex.00691sbi.co.in/ acimcommercial.00691sbi.co.in / sbi.00691@sbi.co.in
2. All the persons/NGOs/associations who have been already granted certificate of registration or prior permission by the Central Government to receive foreign contribution and whose present accounts are in banks or branches other than the specified branch i.e. NDMB, shall have to open “FCRA Account” in the NDMB. The Central Government has decided to grant sufficient time to the existing “FCRA Account” holders for transitioning to the new regime. They can open the “FCRA Accounts” in the NDMB till 31st day of March, 2021. However, all fresh applicants for certificate of registration or prior permission under the FCRA, 2010 shall have to first open the “FCRA Account” in the NDMB to receive any foreign contribution if they are granted certificate of registration or prior permission by the Central Government later on.
3. For opening the afore-mentioned “FCRA Account” in the NDMB, the applicant entity/NGO/association need not the visit the NDMB at Delhi. They may approach either the nearest SBI Branch or any other SBI Branch of their choice for taking action with regard to opening of their “FCRA Account”.
4. A Standard Operating Procedure(SOP) to facilitate ,opening and operating the “FCRA Account” in NDMB has been worked out which will be soon uploaded on this portal.
5. It is further clarified that the applicant person/NGO/association has complete liberty to retain its present “FCRA Account” as the another “FCRA Account” in any branch of a scheduled bank of its choice. They can link this account with the designated “FCRA Account” opened at the NDMB.
For further details refer the attached document.
Source: Ministry of Home Affairs
