Simhan (manager) 24 December 2023
Dear Experts,
We have opened a designated FCRA account in SBI new delhi. and another FCRA account in our local area. Please inform whether deemed foreign contributions like interest on FD renewal of FD can be deposited in Another FCRA account or it should be deposited in FCRA SBI account and then transferred to our local another FCRA account.
Expecting expert guidance
Regards,
Kannan
T. Kalaiselvan, Advocate (Advocate) 24 December 2023
FCRA Rules 2022 allows Indians to receive up to Rs 10 lakh in a year from relatives staying abroad without informing the authorities.
The limit earlier was Rs 1 lakh. If the amount exceeds, the individuals will now have 90 days to inform the government instead of 30 days earlier.
As per rule 9 of FCRA: A person seeking prior permission under this rule may open one or more accounts in one or more banks for the purpose of utilising the foreign contribution after it has been received and in all such cases intimation on plain paper shall be furnished to the Secretary, Ministry of Home Affairs, New Delhi .
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