Rule 15 - Custody of foreign contribution in respect of a person whose certificate has been cancelled - Foreign Contribution (Regulation) Rules, 2011

2 [15. Custody of foreign contribution in respect of a person whose certificate has been cancelled. If the certificate of registration of a person who has opened an FCRA Account under section 17 is cancelled, the amount of foreign contribution lying unutilised in that Account shall vest with the prescribed authority under the Act.] ------------------- Notes:- 1. Substituted vide Notification No. GSR 292(E), dated 12-4-2012, before it was read as:- banking authority 2. Substituted vide Notification No. G.S.R. 695(E) dated 10-11-2020 before it was read as Custody of foreign contribution in respect of a person whose certificate has been cancelled. 15 .(1) The amount of foreign contribution lying unutilised in the exclusive foreign contribution bank account of a person whose certificate of registration has been cancelled shall vest with the 1 [ bank ] concerned till the Central Government issues further directions in the matter. (2) If a person whose certificate of registration has been cancelled transfers/has transferred the foreign contribution to any other person, the provisions of sub-rule (1) of this rule shall apply to the person to whom the fund has been transferred.