Dear Sir,
During 2014-15, I was told by our bank that RBI has placed a restriction on receiving contributions from NRI donors in the form of cheques and that only wire transfer of funds are allowed. What could be the reason for such a restriction?
Regards,
Ramamohan Rao Kakani
Secretary
BREAD Society,
Secretary
BREAD Society,
No comment.
Dear Mr Kakani,
I am a bit surprised to hear that you bankers are refusing cheque donations from NRI. Infact generally we advise NGOs to obtain cheque donations only, since this way you can ensure the identity of the donor and take a call if the donation is to deposited in a FCRA account or local.
Infact while browsing on the net to get more information about this, I came across AAM Adami party’s website, which clearly is asking all donations in the form of cheque, even when they are NRIs. As political parties cannot receive any FCRA funds, they do not wish to receivie any wire trfs. etc from non-Indian citizens. You can visit their website on following link.
http://aamaadmiparty.org/donation-faq
My expereience in this is often officials misinterpret directions and start advising incorrectly. Perhaps you can ask your bankers to share the circular which RBI has issued in this regard, so that you can take a call yourself.
rgds
http://aamaadmiparty.org/donation-faq
Dear Mr. Mittal,
I will do exactly as suggested by you asking our bank to cite the RBI reference.
Thanks & regards,
IT MAY BE A VERY OLD TRADITIONAL VIEW; PRESENTLY, PEOPLE ARE GLOBAL AND HAVE TO HAVE BROADER VIEWPOINT.