Section 17 Foreign contribution through scheduled bank
- Amendments
- 1
Substituted by Foreign Contribution (Regulation) Amendment Act, 2020, s. 12, dated 28th September, 2020, with effect from 29 September 2020. Earlier read: "section 17"(1) Every personDefined in section 2(m): person includes— (i) an individual; (ii) a Hindu undivided family; (iii) an association; (iv) a company registered under section 25 of the Companies Act, 1956 (1 of 1956) who has been granted certificateDefined in section 2(e): certificate means certificate of registration granted under sub section (3) of section 12 or prior permission under section 12 shall receive foreign contributionDefined in section 2(h): foreign contribution means the donation, delivery or transfer made by any foreign source,— (i) of any article, not being an article given to a person as a gift for his personal use, if the market value, in India, of such article, on the date of such gift, is not more than such sum as may be specified from time to ... only in an account designated as "FCRA Account" by the bankDefined in section 2(c): bank means a banking company as referred to in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), which shall be opened by him for the purpose of remittances of foreign contributionDefined in section 2(h): foreign contribution means the donation, delivery or transfer made by any foreign source,— (i) of any article, not being an article given to a person as a gift for his personal use, if the market value, in India, of such article, on the date of such gift, is not more than such sum as may be specified from time to ... in such branch of the State BankDefined in section 2(c): bank means a banking company as referred to in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949) of India at New Delhi, as the Central Government may, by notificationDefined in section 2(l): notification means notification published in the Official Gazette and the expression notify shall be construed accordingly, specify in this behalf:
Substituted by Foreign Contribution (Regulation) Amendment Act, 2020, s. 12, dated 28th September, 2020, with effect from 29 September 2020. Earlier read: "section 17"Provided that such personDefined in section 2(m): person includes— (i) an individual; (ii) a Hindu undivided family; (iii) an association; (iv) a company registered under section 25 of the Companies Act, 1956 (1 of 1956) may also open another "FCRA Account" in any of the scheduled bankDefined in section 2(s): scheduled bank shall have the meaning assigned to it under clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934) of his choice for the purpose of keeping or utilising the foreign contributionDefined in section 2(h): foreign contribution means the donation, delivery or transfer made by any foreign source,— (i) of any article, not being an article given to a person as a gift for his personal use, if the market value, in India, of such article, on the date of such gift, is not more than such sum as may be specified from time to ... which has been received from his "FCRA Account" in the specified branch of State BankDefined in section 2(c): bank means a banking company as referred to in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949) of India at New Delhi:
Substituted by Foreign Contribution (Regulation) Amendment Act, 2020, s. 12, dated 28th September, 2020, with effect from 29 September 2020. Earlier read: "section 17"Provided further that such personDefined in section 2(m): person includes— (i) an individual; (ii) a Hindu undivided family; (iii) an association; (iv) a company registered under section 25 of the Companies Act, 1956 (1 of 1956) may also open one or more accounts in one or more scheduled banks of his choice to which he may transfer for utilising any foreign contributionDefined in section 2(h): foreign contribution means the donation, delivery or transfer made by any foreign source,— (i) of any article, not being an article given to a person as a gift for his personal use, if the market value, in India, of such article, on the date of such gift, is not more than such sum as may be specified from time to ... received by him in his "FCRA Account" in the specified branch of the State BankDefined in section 2(c): bank means a banking company as referred to in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949) of India at New Delhi or kept by him in another "FCRA Account" in a scheduled bankDefined in section 2(s): scheduled bank shall have the meaning assigned to it under clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934) of his choice:
Substituted by Foreign Contribution (Regulation) Amendment Act, 2020, s. 12, dated 28th September, 2020, with effect from 29 September 2020. Earlier read: "section 17"Provided also that no funds other than foreign contributionDefined in section 2(h): foreign contribution means the donation, delivery or transfer made by any foreign source,— (i) of any article, not being an article given to a person as a gift for his personal use, if the market value, in India, of such article, on the date of such gift, is not more than such sum as may be specified from time to ... shall be received or deposited in any such account.
Substituted by Foreign Contribution (Regulation) Amendment Act, 2020, s. 12, dated 28th September, 2020, with effect from 29 September 2020. Earlier read: "section 17"(2) The specified branch of the State BankDefined in section 2(c): bank means a banking company as referred to in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949) of India at New Delhi or the branch of the scheduled bankDefined in section 2(s): scheduled bank shall have the meaning assigned to it under clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934) where the personDefined in section 2(m): person includes— (i) an individual; (ii) a Hindu undivided family; (iii) an association; (iv) a company registered under section 25 of the Companies Act, 1956 (1 of 1956) referred to in sub-section (1) has opened his foreign contributionDefined in section 2(h): foreign contribution means the donation, delivery or transfer made by any foreign source,— (i) of any article, not being an article given to a person as a gift for his personal use, if the market value, in India, of such article, on the date of such gift, is not more than such sum as may be specified from time to ... account or the authorised person in foreign exchangeDefined in section 2(b): authorised person in foreign exchange means an authorised person referred to in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999), shall report to such authority as may be specified—
Substituted by Foreign Contribution (Regulation) Amendment Act, 2020, s. 12, dated 28th September, 2020, with effect from 29 September 2020. Earlier read: "section 17"(a) the prescribedDefined in section 2(o): prescribed means prescribed by rules made under this Act amount of foreign remittance;
Substituted by Foreign Contribution (Regulation) Amendment Act, 2020, s. 12, dated 28th September, 2020, with effect from 29 September 2020. Earlier read: "section 17"(b) the source and manner in which the foreign remittance was received; and
Substituted by Foreign Contribution (Regulation) Amendment Act, 2020, s. 12, dated 28th September, 2020, with effect from 29 September 2020. Earlier read: "section 17"(c) other particulars,
Substituted by Foreign Contribution (Regulation) Amendment Act, 2020, s. 12, dated 28th September, 2020, with effect from 29 September 2020. Earlier read: "section 17"in such form and manner as may be prescribedDefined in section 2(o): prescribed means prescribed by rules made under this Act.