₹ 49,000 Cr Foreign Funds Received By Indian NGOs In 3 Years

₹ 49,000 Cr Foreign Funds Received By Indian NGOs In 3 Years

Union Minister of State for Home Nityanand Rai said on Wednesday in Rajya Sabha that over ₹ 49,000 crores in foreign funds were received by more than 18,000 NGOs in the country in the last three years.

₹ 16,940.58 crores were received by the NGOs in 2017-18, ₹ 16,525.73 crores were received in 2018-19 and ₹ 15,853.94 crores in 2019-20, Rai said.

Rai, in a written reply to a query, said that prior to the enactment of The Foreign Contribution (Regulation) Amendment Act 2020, exclusive FCRA bank accounts could be opened in any branch of scheduled banks.

The Foreign Contribution (Regulation) Amendment Act 2020, mandates that each FCRA NGO has to now compulsorily open an 'FCRA account' in SBI, Main Branch, New Delhi for initial remittance/receipt of foreign contribution (FC) from a foreign source.

The State Bank of India has informed that as of July 31, 2021, a total of 18,377 designated FCRA accounts have been opened with SBI, New Delhi Main Branch, Rai said.

Related Stories

No stories found.
Pratidin Time
www.pratidintime.com