Taxation

Amended FCRA norms likely to be withheld following pandemic

The Centre could quickly waive amended provisions of the Overseas Forex Regulation Act for NGOs following the general public well-being emergency and lack of infrastructure. NGOs had requested the home ministry for such a waiver from new FCRA legal guidelines for no less than six months, mentioned an official. The House Ministry is accountable for the grant and renewal of FCRA licenses and the waiver is prone to be made after March 31 when NGOs apply for license renewal. The House ministry had wished NGOs registered underneath FCRA to open an account at a specified department of SBI by March 31. The restriction of administrative bills was diminished from 50% to 20% and offering Aadhaar numbers of all office-bearers, administrators, and different key functionaries have been made necessary within the amended legislation. In case an individual on the NGO board was not an Indian, a replica of the passport or Abroad Citizen of India card must be supplied.

Source: Universal Personality

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