14 March 2022
Hello, suppose a Society registered in India under the Societies Registration Act, 1860 has NRI members who are Indian citizens and also foreign passport holders who have an OCI card. Such members of the society want to remit foreign currency to the Society. Is it legal ? Of course all the requirements of FCRA act 2010 will be complied with.
The point here is, is it mandatory to get registered as an NGO to receive foreign contribution, or can a Society (registered under the Societies Registration Act) also receive foreign remittances ?
14 March 2022
There is no such NGO registration. It's only name that is given for charitable societies. Society registered under society registration Registration Act with FCRA registration and registered as charitable trust under income tax (12AB) only can recive such funds.
14 March 2022
Thank you Sir. One follow up query. Can such a society (registered under SRA 1860 and FCRA 2010) invest a part of its' foreign remittances (received from the members of the society), towards investment in equity shares of a Private Limited Company in India ?
CAclubindia
