We are an organisation in MP working on healthcare. We have a donor which was not classified as a foreign company and as per the company’s directive we have been considering this money to be indian money.
We now have a confusion when while reviewing the New Companies Act wherein the subsidary company seems to become a foreign entity due to the shareholding pattern of holding company. Our donor is the subsidary company.
therfore the following are our queries
- are all the funds that we have received since 1/4/2014 classified as foreign donation under FCRA???
- if they are considered foreign donation and we have fcra but have not deposited this money in fcra account, what are the consequences?
- what is the corrective action that can be taken?