FCRA account withdrawing of money
This query is : Resolved
R S Sai Kumar
(Querist)
01 July 2024
One of my cousins is running an NGO (women’s welfare) WCD – under- PFMS. As per the instructions of Government of India, she has opened FCRA account to receive donations from foreign. If any amount is received in this FCRA account, what is the procedure to withdraw this fund? She has another current account of same NGO in to which she receives local donations. Is it permissible to transfer funds from FCRA to local account and then spend from that account?
R S Sai Kumar
R S Sai Kumar
CA R SEETHARAMAN
(Expert)
02 July 2024
Not allowed to such account.
Transfer of funds is allowed from the designated FC account of an Association to the multiple account or accounts opened for its utilization. However, no funds other than the amount received in the designated FC account shall be received or deposited in such multiple account or accounts.
Transfer of funds is allowed from the designated FC account of an Association to the multiple account or accounts opened for its utilization. However, no funds other than the amount received in the designated FC account shall be received or deposited in such multiple account or accounts.
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