📌 i. The NDMB will allow receipt of foreign contribution only in the “FCRA Bank Account” opened in NDMB after confirming that the MHA has already granted a registration certificate or prior permission under section 12 of FCRA, 2010.
The foreign inward remittance received should invariably contain following details:
• “FCRA Bank Account” Number of the Beneficiary in the NDMB of SBI
• SWIFT Code of NDMB (SBININBB104)
• Name of the Beneficiary
• Name of the Donor/ Remitter
• Account number of the Donor/Remitter
• Donor/Remitter’s Address
• Donor/Remitter’s Country of Residence
📌 ii. In case of NGO / Sec8 company entity without FCRA, the NDMB shall open the FCRA Bank Account and then wait for MHA’s decision on their FCRA application for grant of prior permission or registration certificate. As soon as the MHA approval for such registration or prior permission is conveyed to NDMB through an e-mail, NDMB shall allow inflow of foreign contribution into the relevant account from that date.
📌 iii. SBI, NDMB shall intimate the customers, through an e-mail and SMS regarding receipt of foreign contribution.
📌 iv. The customers will be required to submit an undertaking detailing the purpose of the receipt of funds as per FEMA declaration and RBI guidelines to the SBI Branch, where it had initially submitted the FCRA account opening form. The SBI Branch shall then forward duly scrutinized copies to New Delhi Main Branch on the designated email id (fcra.00691@sbi.co.in).
📌 v. Standard Forex conversion rate as permitted under the FEMA guidelines and RBI instructions to be applied on the inflow of foreign currency. It shall be duly intimated to the FCRA account holder through an email.
📌 vi. The FCRA Account holder shall have complete freedom to transfer the foreign contribution (FC) received in FCRA Bank Account opened in NDMB to another FCRA Account, if any, of his choice opened in any branch of any Scheduled Commercial Bank as per its convenience for keeping or utilization. It may also avail Internet Banking facility (with full transaction rights) with the NDMB.
📌 vii. NDMB will not levy any charges / fee etc on any transfer of foreign contribution from the FCRA Bank Account to FCRA Utilization Account, if any, of the NGO. For each such transfer, the “FCRA Account” holder to be informed through an e-mail as well as SMS immediately.
To save your time and a heavy legal cost on FCRA violation or FEMA violation matters, get consultation today. To schedule your tele-appointment with Ozg Lawyers, go to link below or email to: ask@fcra.in Or ask@fema.in
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