The Reserve Bank of India (RBI) on Thursday made drastic changes in NEFT and RTGS response for Foreign Contribution (Regulation) Act related transactions. The central bank’s move comes after the Ministry of Home Affairs asked the State Bank of India to report on a daily basis foreign donors, including remittances from abroad.
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Under the Foreign Contribution (Regulation) Act (FCRA), the foreign contribution needs to come under the FC opinion of New Delhi Main Branch only. Contributions from Alien Cess to FC RA account are remitted through SWIFT (Society for Worldwide Interbank Financial Telecommunications) and from Indian banks through NE FT (National Electronic Fund Accounts) and RTGS (Real Time Gross Settlement).
All details including donor’s name, account, country of origin, amount, currency and purpose of remittance are required to be entered in such allotment in respect of the existing requirements of a Subordinate Global Ministry (MHM). UGRA alerts the Ministry of Home Affairs about this information on a daily basis.
The central bank said, “… there have been substantial changes in NE FT and RTGS messages.” The directions came into effect from March 15, 2023.
Jersey said to make necessary changes to receive foreign donation potential details through NEFT and RTGS system. Information related to FCRA has been tightened after the Narendra Modi-led government came to power in 2014. Under this, the FCRA registrations of about 2,000 non-governmental organizations (NGOs) have also been canceled for violating various documents regarding the law.
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(This news has not been edited by ANDITV team. It is published directly from the syndicate.)
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