Re: FCRA funds clarification
This query is : Resolved
30 December 2023
Dear Sir/ Madam,
We have received FCRA funds parked in the FD and taken the Overdraft facility against the FD. Below are my questions.
1. Is this allowed as per the FCRA Act?
2. Will the OD amount be considered domestic or FC funds? if it is a FC funds -
3. Can we re-pay the OD from domestic funds?
Thank You
Vijay
We have received FCRA funds parked in the FD and taken the Overdraft facility against the FD. Below are my questions.
1. Is this allowed as per the FCRA Act?
2. Will the OD amount be considered domestic or FC funds? if it is a FC funds -
3. Can we re-pay the OD from domestic funds?
Thank You
Vijay
16 January 2024
This should help a bit https://www.mha.gov.in/PDF_Other/ForeigD-ForeigD-FCRA_FAQs.pdf
29 January 2024
No sir it doesn't answer my question.
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