Rule 16 Reporting by banks of receipt of foreign contribution
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- I · Rules
1Subs. by G.S.R. 966(E), dated 14th December, 2015 (Foreign Contribution (Regulation) Amendment Rules, 2015).The bank shall report to the Central Government within forty-eight hours any transaction in respect of receipt or utilisation of any foreign contribution by any person whether or not such person is registered or granted prior permission under the ActDefined in rule 2(a): Act means the Foreign Contribution (Regulation) Act 2010; 1[(aa) bank account means a bank account in a core banking compliant bank, which is integrated with the Public Financial Management System (PFMS)].
1. Subs. by G.S.R. 966(E), dated 14th December, 2015 (Foreign Contribution (Regulation) Amendment Rules, 2015).