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The Ministry of Home Affairs (MHA) has introduced significant changes to the Foreign Contribution (Regulation) Rules, 2011 through a notification dated 31st December 2024, effective from 1st January 2025.
Here are the highlights of the amendments:
1. ๐๏ธโ๐จ๏ธ ๐๐๐ซ๐ซ๐ฒ ๐ ๐จ๐ซ๐ฐ๐๐ซ๐ ๐จ๐ ๐๐ง๐ฌ๐ฉ๐๐ง๐ญ ๐๐๐ฆ๐ข๐ง๐ข๐ฌ๐ญ๐ซ๐๐ญ๐ข๐ฏ๐ ๐๐ฑ๐ฉ๐๐ง๐ฌ๐๐ฌ: Associations can now carry forward the unspent portion of allowable administrative expenses to the next financial year, provided reasons are specified in Form FC-4.
2. ๐๏ธโ๐จ๏ธ ๐๐ฉ๐๐๐ญ๐๐ฌ ๐ข๐ง ๐ ๐จ๐ซ๐ฆ ๐ ๐-4: New Provisions inserted -
(a) Reporting transfer of foreign contribution as part of an income tax refund from a non-FCRA bank account.
(b) Detailed reporting for the carry forward of unspent administrative expenses.
(c) Requirement to provide the Chartered Accountant's details, who is issuing certificates under sub-rule (5) of rule 17.
3. ๐๏ธโ๐จ๏ธ ๐๐๐ฐ ๐๐๐ซ๐ญ๐ข๐๐ข๐๐๐ญ๐ข๐จ๐ง ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ซ ๐๐ก๐๐ซ๐ญ๐๐ซ๐๐ ๐๐๐๐จ๐ฎ๐ง๐ญ๐๐ง๐ญ๐ฌ: CAs must explicitly certify whether there were any violations of the FCRA Act, with details if applicable.
4. ๐๏ธโ๐จ๏ธ Any questions or doubtsโ๏ธGet your answer or doubts clearance and consultation from the OZGIAN helpdesk exclusively for FCRA and FEMA compliance.
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