Dear Memebrs,
I wish to have a clarification on the following:
We have a FCRA account with UCO Bank, Abids Circle Branch, Hyderabad. But the branch does not deal with Foreign exchange. UCO Bank, Banjara Hills branch deals with foreign exchange and transfers to our account get routed through it.
Due to core banking, our account number will remain the same even if we get our account transferred to Banjara Hills branch. Can we get the account shifted to Banjara Hills branch without the formal approval of Ministry of Home affairs or do we require its approval?
Regards,
Ramamohan Rao Kakani
Secretary
BREAD Society,
Sir,
We want to change fcra bank account now. What is the process in Home ministry
Hi All,
Please note the following:
1. Bank account within the state can be changed and the same can be informed to FCRA electronically through form FC6
2. If the utilization account is no there, then there is no need to share the information.
Thanks and regards,
B V Soma Sastry
Dear Mr. Soma Sastry,
I differ with your second point above. If an organisation has only one FCRA account to receive and spend the foreign fund, then its details should be mentioned in the FCRA account as well as utilisation account columns in the returns. If there are more than one utilisation accounts (which is permitted in FCRA 2010), there is provision to mention the details of all the accounts. The utilisation account column should not be left blank.
I am glad that you have raised this point.
At this point we are not clear how FCRA Dept plans to control any change in designated bank account or its Branch, considering FCRA Dept is required to send instructions to the bankers, declaring a particular account as Designated FCRA Bank account. Perhaps this aspect has not been considered by the Dept, and they may yet again make additional changes in the rules. So to this extent I fully agree with comments of Shri S.Shiva that wherever possible, we should get Dept’s acknowledgement.
Can we transfer the existing FCRA bank account to a branch of our convenience (since an FCRA account can be opened only with foreign funds) and inform the same to the dept.?
yes, thanks Sir.
As per new Rule 17A inserted effective 14th Dec 2015, there is no need for any prior permission of any change in (iii) bank and / or branch of the bank and/or designated foreign contribution account number.
So if you change your branch please intimate the Dept through new Form FC-6 within 15 days. I think this also answers Sakshi Sharma’s query.
But ensure to get a confirmation from FCRA department about the receipt of the intimation and the change in their records, as the changed bank details have to be there when you file returns next time. The concerned bank branch should also get a formal communication for their prompt report of foreign funds receipt in that account, within 48 hours, as per the new amendment.
is there and need to take prior permission from FCRA dept. to change into designated Bank or can it be done through intimation?