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ARTICLE · 15 OCTOBER 2020

FCRA Amendment Act Of 2020: Important Respite To NGOs

Khaitan & Co.
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The Foreign Contribution (Regulation) Amendment Act 2020 (Amendment Act) has been notified by the Central Government (Government) on 29 September 2020...

IndiaGovernment, Public Sector
Sharad Abhyankar
Sharad Abhyankar
Parag Bhide
Parag Bhide
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The Foreign Contribution (Regulation) Amendment Act 2020 (Amendment Act) has been notified by the Central Government (Government) on 29 September 2020, to amend certain provisions of the Foreign Contribution (Regulation) Act 2010 (Act / FCRA). Our earlier updates on the Amendment Act are available here and here.

The Ministry of Home Affairs, Government of India (MHA) has now issued a public notice on 13 October 2020 (Public Notice) clarifying several aspects on the newly introduced requirement of opening new bank account with the State bank of India (SBI).

Summary of Public Notice

  • MHA has decided to grant sufficient time to existing FCRA registered persons (holding valid registration certificate) for transitioning to the new regime. The new bank account, to be opened with SBI, New Delhi Main Branch, can be opened on or before 31 March 2021.

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