Foreign Contribution Regulation Act 2010
The Foreign Contribution (regulation) Act, 2010 is an act of the Parliament of India, by the 42nd Act of 2010. It is a consolidating act whose scope is to regulate the acceptance and utilisation of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilisation of foreign contribution or foreign hospitality for any activities detrimental to the national interest and for matters connected therewith or incidental thereto.[1] It is designed to correct shortfalls in the predecessor act of 1976. The bill received presidential assent on 26 September 2010.
Application for Registration Under the Act: - Important Clarifications
- Online application along with hard copy to be filed within 30 days.
- Seperate bank account needs to be opened before application.
- Application shall be accompanied with fee of Rs. 2000 (renewal Rs. 500) by DD of cheque in favour of "Pay and Accounts Officer, Ministry of Home Affairs", payable at New Delhi.
- Validity: 5 years from the date of issue.
Maintenance of Accounts
- Detail of Key Members/Managerial Personal/Functionaries
- Details of foreign contribution received- Please refer FC-4
- Details of utilization of foreign contribution - Please refer FC-4
- Details of assets purchased (Movable and Immovable) - Please refer FC-4
- Details of investment/ Transfer of Foreign Contribution ) - Please refer FC-4
- Details of foreigners as Key functionary/ working/associated - Please refer FC-4
- Details of designated FC bank account for receipt of Foreign Contribution - Please refer FC
- Receipt of foreign contribution by way of gift from relatives- Please refer FC-1
- Foreign Contribution in Article- Please refer FC-1
- Foreign Contribution in Securities Article- Please refer FC-1
- Details of hospitality proposed to be availed- Please refer FC-2
- Details of foreign source(s) from which the foreign contribution is proposed to be received- Please refer FC-3B
Application for ANNUAL RETURN under the Act:- Important Clarification
Time: Within 9 Months from the end of Financial Year i.e. 31st December.
Duly accompanied balance sheet and statement of receipt and payment, which is certified by a Chartered Accountant.
Submission of a ‘NIL’ return is also mandatory, but audited statement of accounts not required, if NO FC receipt and utilization.
If foreign contribution in Article, File FC-7
If foreign contribution in Security, File FC-8
Every return shall be accompanied with A copy of Bank statement duly certified by Bank Officer.
Duly accompanied balance sheet and statement of receipt and payment, which is certified by a Chartered Accountant.
Submission of a ‘NIL’ return is also mandatory, but audited statement of accounts not required, if NO FC receipt and utilization.
If foreign contribution in Article, File FC-7
If foreign contribution in Security, File FC-8
Every return shall be accompanied with A copy of Bank statement duly certified by Bank Officer.