Yes. Since the FC A/c through which foreign contribution is proposed to be received and utilised is to be mentioned in the application seeking registration or prior permission, as the case may be, the association should open such an exclusive FC A/c with a Bank.
Can Indian trust receive foreign donations?
NO. Any money received from a citizen of India living in another country, from his savings, through bank transfer, is not treated as a foreign contribution. If Stephan, a citizen of Canada wants to donate to Annadhana Trust, then FCRA registration is required.
Can trusts receive foreign donations?
Any donation from a Non-resident Indian who is a foreign national can be received only if the recipient charitable trust or institution is registered under FCRA (Foreign Contribution Regulation Act, 2010).
Who can accept foreign contribution?
Section 4 of the Act ibid stipulates that no foreign contribution shall be accepted by any candidate for election, correspondent, columnist, cartoonist, editor, owner, printer or publisher of a registered newspaper, judges, government servants or employees of any corporation,members of any legislature, political party …
Can NGO accept foreign donation?
NGOs must obtain the approval of the Ministry of Home Affairs to be entitled to received foreign funds. A registration certificate is then issued to the organization. You may ask for this document to verify that the organization can legally receive foreign contributions.
Who Cannot accept foreign contribution?
As defined in Section 3(1) of FCRA, 2010, foreign Page 4 contribution cannot be accepted by any: (a) a candidate for election; (b) correspondent, columnist, cartoonist, editor, owner, printer or publisher of a registered newspaper; (c) Judge, government servant or employee of any Corporation or any other body …
Can a foreign trust invest in India?
Under the FDI policy, non-residents investing in India can invest only in companies, LLPs (with prior approval from FIPB), and Venture Capital Fund (which is a trust) (with prior approval from FIPB). Investment in trust is not permitted.
Can NRI open a trust in India?
Despite all this, there is no explicit restriction on an NRI becoming a trustee in an Indian trust. … The NRI person must be competent to enter into a contract as per Indian Contract Act, 1872. You should also note that a trust in which an NRI is a trustee can not do anything which is prohibited in India for the NRIs.
How can I donate to trust in India?
Here are the documents that you will need to accept donations offline and online in India:
- Trust Deed Registration Certificate.
- 12A Form.
- 80G Tax deduction certification.
- PAN Card on the name of the trust.
- Current Bank account in any national bank.
- A Cancelled Cheque.
- PAN Card of the owner of the trust.
Can Trust accept donation from NRO account?
Unless one has FCRA Prior Permission or FCRA Registration, one cannot accept donation (in any currency including INR, even from NRO or NRE acct)/ contribution in kind exceeding Rs 25,000 (excluding personal gifts)/ hospitality/ CSR support—from a foreign source.
Who can receive foreign contribution in India?
(1) Every person who has been granted a certificate or given prior permission under section 12 shall receive foreign contribution in a single account only through such one of the branches of a bank as he may specify in his application for grant of certificate: Provided that such person may open one or more accounts in …
How do you get a FCRA for a trust?
Following documents are necessary for registration under FCRA.
- Copy of registration certification of society or trust deed as the case may be.
- Copies of the audited statements of accounts for the last 3 years.
- Copies of the annual report of last three years.
- Bank Information.
- Bank Name.
- Account Number.
- Bank Address.
How do I apply for a FCRA for a trust?
- The first step is the one where the online portal of FCRA needs to be accessed.
- Form FC – 3A (Application for FCRA Registration) or Form FC – 3B (Application for FCRA Prior Permission) is to be clicked on, as the case may be.
- The webpage will next present the user with an option to apply online.
Can foreigners start NGO in India?
Also, if any foreign national or an international NGO wishes to set up an office in India they need to seek special permission from the Reserve Bank of India and a no-objection certificate from the concerned departments before registration under any one of the above-mentioned acts.
Can an NGO donate to another NGO in India?
In the light of above provisions, we can conclude the following: Inter-organisational donations out current year’s income is allowed, and considered as application of the income; … Inter-organisational donation as corpus to other organisation with same objectives is allowed but cannot be treated as application of income.
Who gives permission to FCRA?
Be registered under an existing statute like the Societies Registration Act, 1860 or the Indian Trusts Act, 1882 or section 8 of the Companies Act, 2013 etc. Any person making an application for prior permission shall have an FCRA Account i.e. a bank account with State Bank of India, Main branch, New Delhi.