Opening of New FCRA Project Bank Account

Posted on June 5, 2012 by SRRF

Dear Friends,

We have opened a new project bank account in which all the funds for the project will be transferred from FCRA , as we to intimate foreign ministry regarding the account kindly help us if we have to follow a particular format.

Thanking You,

Santhosh S.P
Senior Accounts Officer
Adventist Development and Relief Agency India (ADRA India)
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5 Responses to Opening of New FCRA Project Bank Account

  1. Dr . D. V. JAYAKUMAR says:
    June 5, 2012 at 2:06 pm

    For applying for FCRA registration, we have to first open bank account meant only for foreign contributions and apply on line. That account cannot be used for the local funds. If for any reason any organisation would like to open any sub-account (may be in the same bank) the same is to be intimated to the FCRA department in the Ministry of Home Affairs within 15 days on their letter head. Mr. Sriram. P.K in his comment it was told that such sub-accounts can be used only for spending the project funds but project funds are to be received only through the designated FCRA account. Now it may be clear for all the concerned.

  2. Valan says:
    June 5, 2012 at 7:32 am

    Dear Santhose,

    Greetings !

    You are open the account for Implementation for the projects.You are going to do the project based accounts .In this account you are going to receive the money only for the project freom your FCRA account.

    Regards,

    Valan

  3. Shivdutt Sharma says:
    June 5, 2012 at 7:31 am

    Dear Sir,

    Yes. As per FCRA act, if you open any Sub FCRA account / Sub Program fcra account. then you must required firstly duty that you will intimate to foreign ministry with in 15 days. when you will received from your bank account number with authorized signatory on letter pad with account opening purpose…….. for any help please contact….given no,,

    Warm Regards
    Shiv

  4. B V Soma Sastry says:
    June 5, 2012 at 7:29 am

    Dear Santosh,

    Greetings from Hyderabad!

    The opening of the bank account has to be intimated to FCRA department within 15 days of the opening of the account. FCRA 2010 says that such intimation can be sent to the department in a white paper but it is always safe to send it on the letter head.

    Thanks and regards,

    B V Soma Sastry

  5. Sriraman P K says:
    June 5, 2012 at 7:28 am

    Dear Santhosh

    You certainly need to inform FCRA department of the Home Ministry and not the
    foreign ministry regarding oppening of a new sub-account for FCRA funds. Also
    you need to note that such sub-accounts can be used only for expending project
    funds. Receipt of project funds shall be only in the designated FCRA account.

    Best regards

    Sriraman

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