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Single SBI branch for all FCRA accounts: govt.
Why is it in news?
- The Union Home Ministry has asked all NGOs seeking foreign donations to open a designated FCRA account at the State Bank of India’s New Delhi branch by March 31, 2021.
Details:
- In September, the Foreign Contribution (Regulation) Act, 2020 was amended by Parliament and a new provision that makes it mandatory for all NGOs and associations to receive foreign funds in a designated bank account at SBI’s New Delhi branch was inserted.
- As of now there are 22,434 such NGOs and associations active under the FCRA.
- The order said an NGO will have to report the amount and source of foreign remittance received to the authorities.