{"id":178704,"date":"2017-12-28T10:51:41","date_gmt":"2017-12-28T05:21:41","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=178704"},"modified":"2017-12-28T10:51:41","modified_gmt":"2017-12-28T05:21:41","slug":"integration-bank-accounts-individuals-organisations-receiving-foreign-contributions-fcra-2010-pfms","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/28\/integration-bank-accounts-individuals-organisations-receiving-foreign-contributions-fcra-2010-pfms\/","title":{"rendered":"Integration of bank accounts of individuals\/organisations receiving foreign contributions under FCRA, 2010 with PFMS"},"content":{"rendered":"

Whereas Foreign Contribution (Regulation ) Act, 2010 (FCRA, 2010) provides for the regulation of acceptance of the foreign contribution (FC) or foreign hospitality by certain individuals\/associations\/organisations\/companies to ensure that such contributions or hospitality is not being utilised for the activities detrimental to the national interests and matters connected therewith or incidental thereto. Under the powers conferred by the Act , Central Government has decided that all banks where the FCRA registered persons\/organisations have opened their FC accounts would be integrated with Public Financial Management System (PFMS) for providing a higher level of transparency and hassle free reporting compliance.<\/p>\n

2. <\/strong>Whereas, some banks have already integrated their systems with the PFMS for the above purpose.<\/p>\n

3.<\/strong> Whereas, many banks have still not completed the above integration of their systems with the PFMS despite repeated letters, directions and meetings.<\/p>\n

4.<\/strong> Therefore in exercise of the powers conferred under Section 46 of the FCRA, 2010, the Central Government hereby directs all persons who are either registered or who have sought prior permission under the FCRA, 2010 shall open their bank accounts as mandated in Section 17 of the FCRA, 2010 in one or more of the banks in the enclosed list. This exercise shall be completed expeditiously within one month of the publication of this notice with intimation of the details of the bank accounts so opened in the prescribed format as provided under Rules 9 and 17A of Foreign Contribution (Regulation) Rules, 2011.<\/p>\n

List<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
S. No.<\/strong><\/td>\nName of Bank<\/strong><\/td>\n<\/tr>\n
1<\/td>\nAbu Dhabi Commercial Bank<\/td>\n<\/tr>\n
2<\/td>\nICICI Bank<\/td>\n<\/tr>\n
3<\/td>\nThe Cosmos Co-Operative Bank<\/td>\n<\/tr>\n
4<\/td>\nBank of Baroda<\/td>\n<\/tr>\n
5<\/td>\nState Bank of india<\/td>\n<\/tr>\n
6<\/td>\nSouth Indian Bank<\/td>\n<\/tr>\n
7<\/td>\nIDBI Bank<\/td>\n<\/tr>\n
8<\/td>\nCentral Bank of India<\/td>\n<\/tr>\n
9<\/td>\nCorporation Bank<\/td>\n<\/tr>\n
10<\/td>\nKarur Vysya bank<\/td>\n<\/tr>\n
11<\/td>\nTamilnad Mercantile Bank Ltd.<\/td>\n<\/tr>\n
12<\/td>\nThe Catholic Syrian Bank Ltd.<\/td>\n<\/tr>\n
13<\/td>\nHDFC Bank<\/td>\n<\/tr>\n
14<\/td>\nUCO Bank<\/td>\n<\/tr>\n
15<\/td>\nInduslnd Bank Limited<\/td>\n<\/tr>\n
16<\/td>\nCity Union Bank<\/td>\n<\/tr>\n
17<\/td>\nSyndicate Bank<\/td>\n<\/tr>\n
18<\/td>\nAllahabad Bank<\/td>\n<\/tr>\n
19<\/td>\nThe Jammu and Kashmir Bank Ltd.<\/td>\n<\/tr>\n
20<\/td>\nPunjab National Bank<\/td>\n<\/tr>\n
21<\/td>\nAllahabad UP Gramin Bank<\/td>\n<\/tr>\n
22<\/td>\nDCB Bank Ltd.<\/td>\n<\/tr>\n
23<\/td>\nManipur state Co-op Bank<\/td>\n<\/tr>\n
24<\/td>\nVijaya Bank<\/td>\n<\/tr>\n
25<\/td>\nBombay Mercantile Co-operative Bank Ltd.<\/td>\n<\/tr>\n
26<\/td>\nYes Bank<\/td>\n<\/tr>\n
27<\/td>\nOriental Bank of Commerce<\/td>\n<\/tr>\n
28<\/td>\nDena Bank<\/td>\n<\/tr>\n
29<\/td>\nBank of Maharashtra<\/td>\n<\/tr>\n
30<\/td>\nCanara Bank<\/td>\n<\/tr>\n
31<\/td>\nAndhra Bank<\/td>\n<\/tr>\n
32<\/td>\nAxis Bank<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[No. 2\/21022\/58(951)\/2017\/FCRA(MU)]<\/p>\n

Ministry of Home Affairs
\n(Foreigners Division)<\/p>\n","protected":false},"excerpt":{"rendered":"

Whereas Foreign Contribution (Regulation ) Act, 2010 (FCRA, 2010) provides for the regulation of acceptance of the foreign contribution (FC) or foreign <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-178704","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"\nIntegration of bank accounts of individuals\/organisations receiving foreign contributions under FCRA, 2010 with PFMS | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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