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Possibilities of Foreign Funds with FCRA Registration Business Articles | October 3 , 2012
Maintain your NGO's resources with fcra registration that facilitate foreign contributions, find affordable logo registration services with the easy process of online company registration as well as copyright registration and trademark registration services to make sure for securing your service mark and original invention.
FCRA is an act that came in force in May 2011 with an objective to regulate the utilization of foreign aid by certain persons or associations so that the aided organizations could work in consonance with the principals of a democratic republic. Foreign contribution means the donation, delivery or transfer made by any foreign source :
1) Of any article, not being an article given to a person as a gift for his personal use , if the market value, in India, of such article, on the date of such gift , is not more than such sum as may be specified from time to time, by the Central Government by the rules made by it in this behalf;
2) Of any currency, whether Indian or foreign;
3) Of any security as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 and includes any foreign security as defined in clause (o) of section 2 of` the Foreign Exchange Management Act , 1999. Organizations may seek foreign contribution for definite cultural, social, economic, educational or religious programs either after registering themselves or after obtaining prior permission from ministry of Home affairs.?
Prior Permission:
Application for getting prior permission or receiving foreign contribution may be made to Ministry of Home Affairs in the prescribed form FC-1A. Along with the application form , a commitment letter from the donor foreign source is also mandatory to be submitted after receipt of the application, the same is processed by MHA. Generally, associations which are new or are in informative stage but are caring programmes in the cultural, social , educational, economic and religious fields are granted prior permission. Such associations are required to produce annual returns in context of utilization of foreign contribution to MHA in FC-3 form duly certified by chartered accountant.
Registration and Process:
Any person or association may apply for obtaining grant of registration to receive foreign contribution to Ministry of Home Affairs in the FC-8 Form. Then, on receipt of the application, it is processed by MHA according to the provisions of the Act. Generally , registration is granted to such associations or persons who are carrying genuine work in their chosen field of work. Associations verification certificates are submitted in the prescribed format get registrations within a fortnight of submission of application. After the grant of registration, the association can receive funds from any foreign source but it has to furnish its utilization details to ministry of Home affairs. Generally registration applications are processed within six months of the receipt of application copyright registration.
Any organization having a definite cultural social educational religious economic object shall only accept foreign contribution after satisfying two conditions:
(i) It must register itself with the Central Government.
(ii) It must agree to receive foreign contribution only through one specific bank account.
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An effective worker will have all the required training from an authorised institute along with the modern training to handle the more up to date forms of instruments , advances and the materials. Before attempting the work he will have an exhaustive counsel with you and comprehend your wants before acting upon it. His experience will represent his thoughts and the broad information about the field will have the potentiality to reply to the majority of issues respective to the foundation. There are various categories of tiles having particular characteristics. For example the washroom configuration, size and shading will be not the same as that of the family room or the bedroom. The slates in the washroom will be light shade though for the living room will utilise the darker shades. The professionals will also give an extra care in tile levelling to . |
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