foreign contribution
This query is : Resolved
16 July 2007
is there any violation of foreign contribution act if a charitable institution deposited the foreign contribution received in FD with Private Finance companies.
Vinod Kashyap
(Expert)
16 July 2007
Yes. There is violation of Foreign Contribution Regulation Act,1976. The foreign donation needs to be received by a charitable instituion, having FCRA Regn.No, in the designated bank account only.
16 July 2007
The FC Was received through designated bank account and the amount was deposited in Mutual Fund through issuing cheque from the designated bank account. this was done for the purpose of income generation.
Shashi Mohan Jha
(Expert)
16 July 2007
The funds should not be utilised othar than a purpose mentioned in the recipt. Income generation is no a valid use of th efuinds received.
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