TMI BlogProcedure for opening & operating the designated "FCRA Account" as provided under the amended Section 17(1) of The Foreign Contribution (Regulation) Act , 2010X X X X Extracts X X X X X X X X Extracts X X X X ..... mendment Act, 2020 has come into operation vide Gazette Notification dated 29th September, 2020. The amended Section 17 of the Foreign Contribution (Regulation) Act, 2010 provides as under : 17.(1) Every person who has been granted a certificate or given prior permission under section 12 shall receive foreign contribution only in an account designated as FCRA Account by the bank, which shall be opened by him for the purpose of remittances of foreign contribution in such branch of the State Bank of India at New Delhi, as the Central Government may, by notification, specify in this behalf: Provided that such person may also open another FCRA Account in any of the scheduled bank of his choice for the purpose of keeping or u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amendment Act, 2020 for compliance henceforth. The amended Section 17 mandates that each person/NGO/association which has been granted FCRA certificate of registration or prior permission shall henceforth receive such FC only in a designated FCRA account to be opened in the above-mentioned specified branch of SBI. The relevant particulars of this branch i.e. NDMB are as follows Branch Code : 00691 IFSC : SBIN0000691 SWIFT : SBINlNBB104 e-mail : agmforex.00691@sbi.co.in agmcommercial.00691@sbi.co.in sbi.00691@sbi.co.in 4. All the persons/NGOs/associations who have been already granted certificate of registrati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. In this regard, a Standard Operating Procedure(SOP) to facilitate ,opening and operating the FCRA Account in NDMB has been worked out which will be soon uploaded on this portal. 9. It is further clarified that the applicant person/NGO/association has complete liberty to retain its present FCRA Account as the another FCRA Account in any branch of a scheduled bank of its choice. They can link this account with the designated FCRA Account opened at the NDMB. 10. The NDMB will not levy any transfer charges/fees for transferring the FC from the FCRA Account to another FCRA Account or other utilization account/accounts in a branch of any scheduled bank. 11. All the persons/NGOs/associations who already have been granted ce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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