Clarification for proceeds on FDs in FCRA Utilization Account.

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..... on FDs in FCRA Utilization Account. Dear Sir, With reference to your letter no. ICICl/FCRA/Queries/May 24 dated 29th May, 2024 on the above-mentioned subject requesting to clarify whether the proceeds on FDs which are created out of foreign contribution can be credited to FCRA Utilization Account and in this reference attention invited to FCRA charter for the banks as available in FCRA portal. Thi .....

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..... ixed deposits created or investment in financial instruments out of Foreign Contribution in FCRA utilization account, on maturity or returns of such investments/FDs shall be credited into a FCRA utilization account of the association maintained in any bank provided such investment made by the association is not falling under the category of speculative activities as defined in rule 4 of the Foreig .....

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