Query- Whether income received from FCRA fund can be deposited in FCRA utilisation bank account?

5 Responses to Query- Whether income received from FCRA fund can be deposited in FCRA utilisation bank account?

1. Socio Research & Reform Foundation says:

   March 16, 2012 at 8:07 am

   Dinesh Sharma says:

   Dear SRRF Dialogue members,
   As per my view , First Income from FCRA fund will be deposited in Designated bank account then can be transfer to utilisation account for expenditures, FCRA Income can not be deposited direct to utilisation bank account , Utilisation account should not mix with local fund .

   Best regards,
   Dinesh Sharma
   Finance Manager
   Wells for India – India Office
   Tel : + 91 294 2481182
2. Socio Research & Reform Foundation says:

   March 16, 2012 at 8:06 am

   Sujatha Sunil says:

   Dear SRRF Dialogue Members,
   As per my view, FCRA Income should be deposited in Main FCRA Bank Account (intimated at the time of Registration) not to the FCRA Utilization Account. The concept of FCRA Utilization Bank Accounts came only after the FCRA 2010 ammendments and it can be only used for Utilization purpose.

   Thanks & Regards.
   Sujatha Sunil
3. Socio Research & Reform Foundation says:

   March 16, 2012 at 8:05 am

   BV Soma Sastry says:

   Dear Rajneesh,
   So far as my understanding goes, the FCRA utilization account is exclusively meant for utilizing the FC funds transferred from main FC to this account. The only funds that can be deposited back to the utilization account are the funds released from the account as some advance.

   The income can be deposited if the purpose of transfer is utilization of funds that are being transferred. Also, it makes no difference whether the funds (income) are in main FC account or FC utilization account since all these will have to be reflected in the balance sheet at the end of the year. The bank statements also need to be sent to MoHA along with FC-6.

   Thanks and regards,
   B V Soma Sastry
4. Socio Research & Reform Foundation says:

   March 16, 2012 at 8:05 am

   Ajay Jain says:

   Dear Sir,

   Yes

   Regards,
   Ajay
5. Socio Research & Reform Foundation says:

   March 16, 2012 at 8:04 am

   N.M.VALAN says:

   Dear Sir,
   As per FCRA money can receive only one account.The utilization account open for expense purpose.
   on the prog.implementation the organisation give sum adv to staff and project holder.when they submit the account some of the money un utilized .The unutilzed money can deposit to the utilization account.
   Regards

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