Foreign Exchange

This query is : Resolved

ajay kamble (Querist)
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03 February 2009 One of Our Client Has a trust received Donation in Foreign Currency so is there is any requirement to intimate RBI or any Agency about i, and is FEMA Will be applicable to it please send the reply as soon as possible

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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03 February 2009 You have to collect FIRC from you bank. FIRC means foreign inward remittance certifiate wherein the purpose of remittance should be written as donation. Then only it will be treated as conclusive proof. Then in the halfyearly information to RBI you have to inform the date, receipt, bank and bank's firc number.

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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16 November 2011 Mr. Ajay,

Indian Trust can't receive foreign Donation unless it is registered or has a Prior Permission under Foreign Contribution Regulation Act,2010(FCRA).

So please take care in the matter.

Anuj
+91-9810106211
femaquery@gmail.com