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Monday, October 27, 2014

FCRA Advisory to Incur Expenditure above Rs. 20,000/- by Cheque or Draft



Cash is no longer king...for FCRA holders

Cash makes the world go round, as they say. Most people therefore love being paid in crisp currency notes. Some refuse to accept cash at all, especially from NGOs.

The FCRA Department has put a spanner into this scheme of things. From now on, NGOs should avoid cash payments of Rs.20, 000 or more. These should be made by cheque / demand drafts (ideally crossed account payee). You can also make the payments by bank transfer.

If you ignore this warning, and continue drawing large amounts of cash from FCRA bank account, be prepared to face deeper scrutiny. Usually this means a polite invitation to visit FCRA office in Delhi with all your books and accounts. This can be quite an experience.

And the invitation card does not say RSVP either.

Ref:

FCRA Advisory dated 21-Oct-14.
FCRA refers to Foreign Contribution (Regulation) Act, 2010. Applicable in India.

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