Societies and charitable trusts that accept foreign donation or contribution from overseas sources are needed to get registered under section 6(1) relating to foreign contribution regulation act year 2010 or act made in 1976. Such type of registration under this act is referred to as FCRA registration. It is mandatory for such any organisation to have registration with the concerned authority before initiating the activities in the society.
You will find two kinds of contribution pouring in from the abroad source that is one time or it can be twice or more times and even on a regular basis. For just one time getting a contribution, any NGO is capable of accepting the sum by looking for permission to be granted by the FCRA section pertaining to the Ministry of Home Affairs. While for numerous and regular contributions coming from the foreign source it shall be right to obtain permanent FCRA online registration form the aforementioned Ministry.
The non-government organisations:
In connection with this purpose, an application must be submitted by the concerned NGO, which is needed to be functional as a minimum for three years subsequent to due registration, in the Ministry of Home Affairs, Government of India. The office of the said Ministry is situated in New Delhi where the application can be submitted. The required information has to be provided in the approved form FC-8 accompanied with the needed documents like certificate of registration, activity report pertaining to the previous three years, audited financial statement of past three years, some proof of registration: the trust deed or memorandum & rules, and in case you can better to attach letter from the potential donor. Hence you can avail FCRA registration services provided by the Home Ministry.
The ministry dispatches the received application for verification relating to the records and credentials of the NGO to local intelligence personnel. Based on their favourable remarks, the FCRA department relating to the Home ministry allots the certificate of registration in favour of the applicant registration.
The accounting system and procedure:
It is crucial to accept foreign contribution merely in a single designated bank account. Hence, the applicant organisation needs to get opened a new bank account so that to maintain it for such type of funds and declare this in the application. The Home Ministry will directly notify the concerned financial institution or bank to monitor the utilisation of the foreign funds keenly and furnish a report to the Home Ministry if any misappropriation is noticed.
The NGO registered under the proviso of the FCRA need to keep up separate accounts maintained under the FC head and file a return in the format prescribed by the department to the concerned ministry in conjugation with the audited statement relating to accounts of the prior year on the 31st July each year.
The NGOs registered under the department of the FCRA must notify the concerned Ministry concerning any modification made in the name of the NGO, its new registered office, objects, and aims within thirty days relating to the applicable change.
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