The Ministry of Home Affairs (MHA) has introduced amendments to the regulations concerning the submission of annual reports by Non-Government Organizations (NGOs) that are registered under the Foreign Contribution Regulation Act (FCRA). They are now required to furnish information about both mobile and fixed assets established using foreign funding. The MHA implemented these changes within the Foreign Contribution Regulation Rules of 2010. They did so by introducing two new clauses, denoted as (ba) detailing mobile assets established from foreign contributions (as of March 31 in the fiscal year) and (bb) specifying fixed assets created from foreign contributions (as of March 31 in the fiscal year). These clauses are now part of Form FC-4. In a formal notification, the MHA stated, "Exercising authority granted under section 48 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government has enacted the subsequent rules as an amendment to the Foreign Contribution (Regulation) Rules, 2011, as follows: 1. Short title and commencement. - (1) These regulations shall be known as the Foreign Contribution (Regulation) Amendment Rules of 2023. (2) They shall be effective upon their publication in the Official Gazette. 2. In the Foreign Contribution (Regulation) Rules of 2011, within Form FC-4, after clause (b), the following sections shall be added, specifically: "(ba) Particulars of mobile assets created from foreign contributions (as of March 31 of the fiscal year)." "(bb) Particulars of immovable properties acquired through foreign contributions (as of March 31 of the fiscal year)," as included in the notification."
Source: Economic Times
Curated By: Team- The Law Planet