ndian citizens can now receive up to Rs 10 lakh annually from relatives abroad without making any disclosure to the government. The Union Home Ministry has amended certain provisions of the Foreign Contribution (Regulation) Act (FCRA) increasing the said limit to Rs 10 lakh from Rs 1 lakh earlier.
As per the amended rules, beneficiaries will be required to make a formal disclosure to the government within 90 days of receiving the funds in case they exceed Rs 10 lakh in a year. The amended rules ‘Foreign Contribution (Regulation) Amendment Rules, 2022’ were notified by the Ministry of Home Affairs (MHA) through a gazette notification on Friday night, according to PTI.
“In the Foreign Contribution (Regulation) Rules, 2011, in rule 6, for the words one lakh rupees, the words ten lakh rupees shall be substituted; and for the words thirty days, the words three months shall be substituted,” stated the MHA notification. Rule 6 pertains to funds received from relatives settled abroad.
“In the Foreign Contribution (Regulation) Rules, 2011, in rule 6, for the words one lakh rupees, the words ten lakh rupees shall be substituted; and for the words thirty days, the words three months shall be substituted,” stated the MHA notification. Rule 6 pertains to funds received from relatives settled abroad.
Earlier, beneficiaries were required to notify the authorities of funds received in excess of Rs 10 lakh within 30 days of the transfer.
Changes have also been made to Rule 9 of the FCRA which deals with the application for ‘registration’ or ‘prior permission to receive funds; giving individuals, organisations and NGOs 45 days to inform the MHA about the bank account to receive such funds instead of 30 days earlier.
The government has amended another provision which required the beneficiary to declare details such as foreign funds received, details of donors, and date of receipt every quarter on the MHA website. Now FCRA beneficiaries will have 9 months from the closure of the financial year to furnish the details of such funds on the MHA website or other any other website specified by the government.
Another provision which required NGOs to furnish details of foreign funds every quarter has been done away with. In case of a change of bank account, name, address, or foreign funds, the home ministry has now allowed 45 days to inform it, instead of 15 days earlier.
