Problems relating to deposit of local currency in FCRA account

Posted on June 21, 2012 by SRRF

Dear All,

In my opinion, we can open separate bank account (sub FCRA A/c) and transfer the fund from FCRA to sub FCRA A/c. Make normal transaction from sub-fcra A/c. Hope banker have no problem if we deposit cash in sub-FCRA A/c after advance settlement.

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4 Responses to Problems relating to deposit of local currency in FCRA account

  1. Udaan Society says:
    June 21, 2012 at 2:13 pm

    No you cannot receive any rest amount from Indian Account in your FCRA
    account this is clear violation of FCRA rule.

    Gyanendra Mishra
    President UDAAN Society

  2. subir says:
    June 21, 2012 at 1:35 pm

    Dear Mr.Bala

    Though FCRA now allows to open multiple Bank A/c under FCRA for day to day operation (under the intimation- Please see act). I think it will not be a problem to deposit advance returned by particular entity or bank will have any objection. Yes, you can’t deposit it to the principal a/c where you received the FCRA Grant , but the operation a/c (for FCRA) it open to do such kind of dealings.

    Hope this will help.

    Thanks and Regards

    Subir Ghosh

    HLFPPT

  3. Jnanshekar says:
    June 21, 2012 at 1:34 pm

    No bank will allow cash deposit into FCRA account.

    Shekar

  4. Valan Caritas says:
    June 21, 2012 at 1:28 pm

    Dear Friends,

    Thanks for your mail.

    As per the FCRA rule you can deposit the cash with prooer letter from the party,

    Advance cash deposit no need to deposit because you can make ” Impt petty cash account” in the Tally package.Any bodies taking adv you can enter in the impt petty cash book and retn along with exps. , you adj against adv account balance cash taken to impt account.

    This how you are keeping the book of accounts.

    Regards
    Valan

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