MHA names 32 select banks for NGOs getting foreign aid
TIMES NEWS NETWORK
New Delhi: 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 the FCRA registered persons/organisations have opened their FC (foreign contribution) account would be integrated with the PFMS for providing a higher level of transparency and hassle-free reporting compliance,” 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.
Among the 32 designated banks where individuals, NGOs and other entities can open their accounts are Abu Dhabi Commercial Bank, ICICI Bank, Cosmos Co-Operative Bank, Bank of Baroda, State Bank of India, South Indian Bank, IDBI Bank, Central Bank of India, Corporation Bank, HDFC Bank, UCO Bank and IndusInd Bank.
TIMES NEWS NETWORK
New Delhi: 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 the FCRA registered persons/organisations have opened their FC (foreign contribution) account would be integrated with the PFMS for providing a higher level of transparency and hassle-free reporting compliance,” 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.
Among the 32 designated banks where individuals, NGOs and other entities can open their accounts are Abu Dhabi Commercial Bank, ICICI Bank, Cosmos Co-Operative Bank, Bank of Baroda, State Bank of India, South Indian Bank, IDBI Bank, Central Bank of India, Corporation Bank, HDFC Bank, UCO Bank and IndusInd Bank.
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