GENERAL29 Sept 2026
SBI seeks rules on funds of cancelled FCRA registered NGOs; law ministry explains bills - CNBC TV18
The State Bank of India has asked for clear rules on handling accounts and deposits when an organisation's FCRA registration ends. FCRA is the foreign contribution law for NGOs. SBI warned of a possible gap between a registration expiring and banks being told about it, under the proposed amendments. If your NGO gets foreign funds, keep your papers ready.
Key Statutory Highlights
- The State Bank of India has sought clear rules on handling accounts and deposits when an organisation's FCRA registration ends.
- SBI flagged potential gaps between the registration expiry and banks being informed about it.
- The bank raised these concerns in the context of the proposed amendments.
Actionable Advice for Taxpayers / Founders:If you run an NGO with FCRA registration, keep your bank records and registration status up to date, and check with your bank or a CA about how the proposed changes could affect your accounts.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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