Banks have to report foreign contribution within 48 hours

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New Delhi, April 27: The government has asked the Banks to report within two days any information on NGOs getting foreign funds.

Upper House of Indian Parliament Rajya Sabha was informed that as per Foreign Contribution (Regulation) Amendment Rules 2015 notified in Gazette of India on December 14, 2015, the banks shall report to the central government within 48 hours any transaction in respect of receipt and utilisation of any foreign contribution by any person.

Minister of State for Home Kiren Rijiju said in reply to a written question the order is applicable irrespective of whether or not such person is registered or granted permission under the FCRA.

The Minister said it has been decided to bring all FCRA designated bank accounts and utilisation accounts held by the NGOs granted registration or prior permission on the online platform of Public Finance Management Service for accessing these accounts for random scrutiny.

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