Can any one tell me difference between Foreign contribution Ruppees Account and Foreign Currency Ruppes account
As an NGO has received a Cheque from an organisation Stating That this is an FCRA Grant
But the bank of Receiver Organisation is saying that This Cheque is come From foreign currey rupees account which is General and Different from Foreign contribution ruppes account
Is it Possibile????????
wat should now organisatio Do.. as the other organisation is not telling anything abount their FCRA Permission and all
can they deposited the same cheque in general Account... and treat it as an Indian Grant..
03 December 2009
Grant of NGO from FCRA means Foreign Contribution (Regulation) Act,1976. ‘Prior-permission’ is what you need, if you are an NGO (or a non-profit like a Hospital or a University), want to accept foreign funds. However, if you are going to receive foreign funds regularly, you should get ‘FCRA Registration’, so that you don’t have to apply for permission again and again. After Registraion and appoval of grant in any Foreign Agency,,,,you first have to do changes in your Bank A/c which you have opened as FCRA act. tell the bank Manager about it. In this A/c only Foreign Funds are allowed,No INR have to deposit or any INR Cheque.... If you did, you have to inform to Ministry of Home Affairs,about that Mistake. So Be careful while Deal with FCRA Funds. onething more if you have morethan one Foreign Agencies,their fund first deposit in your FCRA act & then you can transfered to its Seperate Act. all the Records should be Mached with Each Accounts....
CAclubindia
