NGOs receiving foreign funds told to open a/cs in select banks | Current Affairs, Current Affairs 2017

NGOs receiving foreign funds told to open a/cs in select banks

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Aiming to ensure, high level transparency and hassle-free reporting compliance, the home ministry has directed all NGOs and entities receiving foreign funding to open accounts in any of the 32 designated banks integrated with the government’s public financial management system (PFMS) within a month.

The ministry, in an order issued on December 21, said this would ensure a higher level of transparency in their foreign contribution receipts
The central government has decided that all banks where FCRA registered persons/organisations have opened their FC (foreign contribution) account would be integrated with the PFMS, the order said.

The Foreign Contribution (Regulation) Act, 2010, provides for regulation of acceptance of foreign funds or foreign hospitality by certain individuals, associations, organisations and companies “to ensure that such contributions or hospitality is not being utilised for activities detrimental to the national interest”, the ministry said.

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