Dear Sir/Madam,
I am writing here to get some clarity on FCRA funds.
One society is having 2 FCRA bank accounts one utilization account in PNB(This was the old receipt and utilization account) which is currently the deemed utilization account. After opening the FCRA SBI New Delhi Account, the society has not received any FCRA donations. The SBI account does not have any balance in it. Today the society received a email stating that the due to no transactions in the account it will be marked inoperative.
Can we transfer some funds from the PNB account to the SBI account which will be utilized at a later date for the societies activities only.
Thanks in advance,
Noel Gole
It is not possible to transfer from utilisation account to the Designated FCRA account in SBI, New Delhi. The New Delhi account is the one where FC from foreign sources only can land. To make that inoperative account operative, you may have to arrange some contribution from outside even a very small amount and withdraw it through your utilisation account.