Foreign Contribution (Regulation) Amendment Rules, 2024

  

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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. ๐Ÿ‘๏ธโ€๐Ÿ—จ๏ธ ๐‚๐š๐ซ๐ซ๐ฒ ๐…๐จ๐ซ๐ฐ๐š๐ซ๐ ๐จ๐Ÿ ๐”๐ง๐ฌ๐ฉ๐ž๐ง๐ญ ๐€๐๐ฆ๐ข๐ง๐ข๐ฌ๐ญ๐ซ๐š๐ญ๐ข๐ฏ๐ž ๐„๐ฑ๐ฉ๐ž๐ง๐ฌ๐ž๐ฌ: 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. ๐Ÿ‘๏ธโ€๐Ÿ—จ๏ธ ๐”๐ฉ๐๐š๐ญ๐ž๐ฌ ๐ข๐ง ๐…๐จ๐ซ๐ฆ 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. ๐Ÿ‘๏ธโ€๐Ÿ—จ๏ธ ๐๐ž๐ฐ ๐‚๐ž๐ซ๐ญ๐ข๐Ÿ๐ข๐œ๐š๐ญ๐ข๐จ๐ง ๐‘๐ž๐ช๐ฎ๐ข๐ซ๐ž๐ฆ๐ž๐ง๐ญ ๐Ÿ๐จ๐ซ ๐‚๐ก๐š๐ซ๐ญ๐ž๐ซ๐ž๐ ๐€๐œ๐œ๐จ๐ฎ๐ง๐ญ๐š๐ง๐ญ๐ฌ: CAs must explicitly certify whether there were any violations of the FCRA Act, with details if applicable.


4. ๐Ÿ‘๏ธโ€๐Ÿ—จ๏ธ Any questions or doubtsโ‰๏ธGet your answer or doubts clearance and consultation from the OZGIAN helpdesk exclusively for FCRA and FEMA compliance. 


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