NGO - Receipt of Foreign Donations, FEMA

[satbir singh wahi]

NGO HAS GOT PERMISSION FROM MHA TO RECEIVE FOREIGN DONATIONS, AND HAS OPENED A/C WITH ICICI BANK TO RECEIVE FOREIGN DONATIONS. BUT NOW BANKS IN U.K. AND CANADA ARE NOT RECEIVING FUNDS AND SAYING NO FUNDS CAN BE TRANSFERED TO NGO IN INDIA.ONLY FUNDS TO INDIVIDUAL A/C CAN BE TRANSFERRED. IS THIS VERSION OF FOREIGN BANKS CORRECT.

Posts / Replies

[GOPALJI AGRAWAL]

The reason from the denying bankers must be seeked.

[Surender Gupta]

You must know first that why foreign banks are denying the remittance to India. Is there any restriction under the respective laws of those countries

[Sunil Kumar]

There is no such restriction wrt transfer of funds to NGO under FCRA. Many of my clients are still receiving foreign grants. There is no issue wrt individual vs NGO.

Still exact reason should be obtained from foreign donor.