Question
Consider the following about the recent amendments in
Foreign Contribution (Regulation) Act (FCRA)? I. Now, Indians to receive up to Rs 10 lakh in a year from relatives staying abroad without informing the authorities. II. The individuals will now have 90 days to inform the government instead of 45 days earlier. III. FCRA Act was enacted in the year 1976. Which of the above statement is/are correct?Solution
The Union Home Ministry has amended certain rules related to the Foreign Contribution (Regulation) Act (FCRA) allowing Indians to receive up to Rs 10 lakh in a year from relatives staying abroad without informing the authorities. The earlier limit was Rs 1 lakh. The individuals will now have 90 days to inform the government instead of 30 days earlier. The new rules, Foreign Contribution (Regulation) Amendment Rules, 2022, were notified by the home ministry. The Foreign Contribution (Regulation) Rules, 2011, in rule 6 was amended. Rule 6 deals with intimation of receiving foreign funds from relatives.
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