The Ministry sends out the accepted application to local intelligence individuals for confirmation of the credentials and records of the organization. On their positive remarks, the FCRA Section of the Ministry concerns the Certification of Registration to the applicant company.
It is necessary to get foreign contribution just in one designated bank account. Therefore, the applicant company should open a fresh savings account with the intention to run it for such funds and mention it in the application. The said Ministry will directly notify the concerned bank to keep watch on using the foreign contribution and report back to the Ministry in case of any discrepancy.
The organizations signed up under the FCRA need to maintain separate accounts sustained under the FC head and send a return in the suggested format to the Ministry in addition to the audited statement of accounts of the previous year by 31 July every year.
The companies registered under the FCRA, need to notify to the Ministry about any change in name of the company, its Registered Workplace and aims and things within 30 days of the applicable change. Similarly, prior permission will be required from the stated the Ministry for any change in the designated bank or replacement of more than half of members of the governing body at the time of its registration under the FCRA.
The management ought to be cognizant of numerous provisions of the FCRA and must strictly follow the same otherwise they might face a number of extensive punishments under the Act.
Foreign Contribution Regulation Act (FCRA) was enacted in the year 1976 and just recently, customized in the year 2010 with the prime goal of controling the approval and application of foreign contribution and foreign hospitality by associations and individuals working in the important areas of nationwide interest. The focus of this Act is to ensure that the foreign contribution and foreign hospitality is not utilized to impact electoral politics, public servants, judges and other people working in to the essential areas of national interest viz reporters, printers and publishers of newspapers, etc.