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ARTICLE · 09 OCTOBER 2020

Foreign Contribution (Regulation) Amendment Act, 2020: SBI Account Details Notified

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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...

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 detailed update on the changes introduced vide the Amendment Act is available here.

The Amendment Act substitutes section 17 of FCRA which required the recipient of foreign contribution to receive such amount only in an account designated as "FCRA Account" opened in a branch of the State Bank of India (SBI) at New Delhi. The legislative intent of the amendment appears to be to centralize the inflow and routing of foreign contribution, making it easier for the Government to monitor such contributions. 

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