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FCRA Registration
All about FCRA Registration
Charitable Trusts, Societies, Section 8 that
receive foreign contribution or donation from foreign sources are required to
obtain registration under Section 6(1) of Foreign Contribution Regulation Act,
2010. Such a registration under the Foreign Contribution Regulation Act, 2010
is called a FCRA registration.
Organizations seeking foreign contributions for
definite cultural, social, economic, educational or religious programmes may
obtain FCRA registration or receive foreign contribution through “prior
permission” route.
In order to be eligible to apply for
proper FCRA registration following minimum requirements must be met
with:
1)
The applicant must be registered and operating for
a minimum period of 5 years.
2)
The organization must have spent minimum 10 Lakh
rupees in the last 3 years for furtherance of its main objects. This amount
shall not include any kind of administrative expenditure.
3)
The applicant is also required to submit last 3
years financial statements. These financial statements must be audited by
qualified Chartered Accountant.
In case a newly registered entity would like to
receive foreign contributions, then approval for a specific activity, specific
purpose and from a specific source can be made to the Ministry of Home Affairs
through the Prior Permission (PP) method.