Beneficiaries used to have 30 days from the transfer to notify the authorities if they got more than Rs 10 lakh.
Digital Desk: The government no longer asks Indian citizens to report receiving up to Rs 10 lakh annually from relatives living abroad. The Foreign Contribution (Regulation) Act (FCRA) has been revised by the Union Home Ministry, increasing the limit from Rs 1 lakh to Rs 10 lakh.
In accordance with the amended laws, beneficiaries who receive more than Rs 10 lakh annually must submit a formal statement to the government within 90 days of receiving the funds. According to PTI, the Ministry of Home Affairs (MHA) issued a gazette notification on Friday evening announcing the new rules, titled "Foreign Contribution (Regulation) Amendment Rules, 2022."
The MHA announcement stated that "under rule 6 of the Foreign Contribution (Regulation) Rules, 2011, the words one lakh rupees shall be substituted with ten lakh rupees and the phrase thirty days shall be replaced with three months." Money received from relatives who have shifted abroad is covered by Rule 6.
Beneficiaries used to have 30 days from the transfer to notify the authorities if they got more than Rs 10 lakh.
Rule 9 of the FCRA, which deals with requests for "registration" or "advance permission to receive funds," has also undergone changes, allowing people, organizations, and NGOs 45 days instead of 30 days to alert the MHA about the bank account to receive such funds.
Another provision that required the recipient to report information such as foreign cash received, donor information, and date of receipt on the MHA website every three months has also been changed by the government. Beneficiaries of the FCRA now have nine months from the end of the fiscal year to submit information about these funds on the MHA website or any other website the government approves.
Another provision that obliged NGOs to provide information about foreign donations on a quarterly basis has been removed. The home ministry now provides 45 days to notify it of any changes to a bank account, name, address, or foreign funds instead of the 15 days earlier.
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