On 01-07-2022, the Ministry of Home Affairs has notified the Foreign Contribution (Regulation) Amendment Rules, 2022 to further amend the Foreign Contribution (Regulation) Rules, 2011. The amendment extends the time period to notify the Government regarding the overseas transaction from 30 days to three months and transaction limit from relatives has been increased from one lakhs to 10 lakhs.
Key points:
- Rule 6 dealing with Intimation of receiving foreign contribution from relatives has been modified in order to increase the limit of foreign contribution received from relatives from one lakh to 10 lakhs.
- Time period to notify the Government regarding the overseas transaction has been extended from 30 days to three months.
- Rule 9 dealing with Application for obtaining ‘registration’ or ‘prior permission’ to receive foreign contribution, the time period from 15 days has been extended to 45 days in the following cases:
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- Person may open one or more accounts in one or more banks for the purpose of utilising the foreign contribution after it has been received and, in all such cases, intimation in electronic form] in form FC-6D shall be furnished to the Secretary, Ministry of Home Affairs, New Delhi within forty five days of the opening of any account.
- Person seeking prior permission under this rule may open one or more accounts in one or more banks for the purpose of utilising the foreign contribution after it has been received and in all such cases intimation in electronic form in Form FC-6D shall be furnished to the Secretary, Ministry of Home Affairs, New Delhi within forty five days of the opening of any account.
