Tsunami Relief Fund from abroad – RBI issues instructions to Banks.
The Reserve Bank of India has advised banks to strictly follow the instructions regarding relief funds. Ministry of Home Affairs vide Notification No. II/21022/11 (19)2004-FCRA I dated December 30, 2004 has permitted upto 31st March 2005 all associations (other than a political party) having a definite cultural , economic, educational , religious or social programme, to accept foreign contribution, in cash and kind, for providing relief to the Tsunami victims without obtaining formal approval of the Central Government. The conditions are:-
(a) Each such association would open a new bank account for this purpose;
(b) The said account would be designated as the 'Tsunami Relief Account";
(c) The association would receive foreign contribution only in the said designated bank account;
(d) The association would maintain a separate set of accounts and records in respect of the foreign contribution received in the said designated bank account;
(e) The association would submit its particulars in Form FC-IA to the Foreigners Division of the Ministry of Home Affairs within one week of the opening of the said designated bank accounts;
(f) The association would make an intimation regarding receipt of foreign contribution in form FC-3 and in form FC-6 in respect of articles, duly certified by a Chartered Accountant, within 4 months of the closure of the year to the Foreigners Division of the Ministry of Home Affairs in the manner prescribed in the Foreign Contribution (Regulation) Rules, 1976.