Section 12 - Substitution of new section for section 17 - The Foreign Contribution (Regulation) Amendment Act, 2020

Substitution of new section for section 17. 12 . For section 17 of the principal Act, the following section shall be substituted, namely:- Foreign contribution through scheduled bank. '17. (1) Every person who has been granted certificate or 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 utilising the foreign contribution which has been received from his FCRA Account in the specified branch of State Bank of India at New Delhi: Provided further that such person may also open one or more accounts in one or more scheduled banks of his choice to which he may transfer for utilising any foreign contribution received by him in his FCRA Account in the specified branch of the State Bank of India at New Delhi or kept by him in another FCRA Account in a scheduled bank of his choice: Provided also that no funds other than foreign contribution shall be received or deposited in any such account. (2) The specified branch of the State Bank of India at New Delhi or the branch of the scheduled bank where the person referred to in sub-section (1) has opened his foreign contribution account or the authorised person in foreign exchange, shall report to such authority as may be specified,- (a) the prescribed amount of foreign remittance; (b) the source and manner in which the foreign remittance was received; and (c) other particulars, in such form and manner as may be prescribed.'. DR. G. NARAYANA RAJU, Secretary to the Govt. of India. ************** NOTES:- 1. Shall come into force w.e.f. 29th day of September, 2020 vide Notification No. S.O. 3395(E) dated 29-09-2020