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Rotary District 3291 |
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| Payments in India by the Rotary Foundation |
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FCRA & PAYMENTS IN INDIA BY THE ROTARY FOUNDATION: Are you a future sponsor of a Matching or 3-H Grant in India? Will the payment of your grant occur after 31 March 2009? If yes, then you should check with the club or district’s officers in India to see if they already have an FCRA-registered account. Remember, FCRA registration takes approximately three months, so sponsors should submit their materials to the authorities before making a new humanitarian grant application whenever possible. What Is the FCRA? The FCRA was established in 1976 to regulate the receipt of foreign contributions in India. A foreign contribution is defined as any donation, delivery or transfer, made by any foreign source of any article, currency, or security. In order to receive foreign funds, all Indian grant recipients must register with the Indian Government under the FCRA. For a short period of time, the Rotary clubs and districts in India have been granted exemption to this rule under Section 6 of the FCRA act by the Central Government. That exemption will end on 31 March 2009. What will happen after 31 March, 2009? In order to receive funds in India after 31 March 2009, all Rotarian club or district sponsors of Matching or 3-H grants should obtain FCRA registration for their project account. If FCRA registration is not obtained by that time, TRF may not be able to guarantee timely grant payment. How Does this Affect TRF Humanitarian Grant Projects? After 31 March 2009, TRF may be unable to make payments to a project account in India unless it has been registered with the FCRA. Matching and 3-H Grants taking place in India that are approved but do not have an FCRA-registered account may experience significant delays in payment as they work to comply with this law. How Long Will FCRA Registration Delay Grant Payments? FCRA registration normally takes at least three months, so sponsors should plan ahead and register before a new application is submitted. Without an FCRA-registered account, payments made after 31 March 2009 may be significantly delayed and TRF has no way of providing an accurate estimate for when non-registered sponsors might have their grants paid - Compiled by AG Vishnu Dhandhania RC Calcutta Metropolitan Cell: 98300-37999 Email: bally@vsnl.com District Grants Sub Committee Chair (DGSC) RI Dist 3291 |
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District Webmaster Contact: Send mail URL: www.rotary3291.org/rf/fcra.htm Updated: 10 Aug 2008 |