IF one of my client ( trust) HAS RECEIVED Foreign Contribution in cash & in Rupees , so what are the rules for that as per FEMA & other rules applicable in India.????
kindly give reference if possible..
& what are the penalty or rules if such amount is not deposited in bank.
18 December 2012
It is really a very good query. In addition to the query of Mr. Bhavik Mehta, I would request the experts to guide on the following additional points - If the trust if wholly for charitable purpose, registered, deduction u/s 80G is available, Trustees are from Corporate Sector, the whole administrative expenses born by the corporates, then - 1. whether they can make a request to their foreign counter parts/suppliers for making contribution? 2. whether the foreign counter parts / suppliers can make the donations in foreign currencies? 3. what are the rules & regulations applicable to accept donations in foreign currencies?
CAclubindia
