- It is now clear from new FCRA Act, that an organization can open more than one FC Bank Account.
- There must be one main or primary Bank Account where all FC Fund will be deposited.
- Other FC Bank Accounts are called designated bank account and at the end of the year, the balance of designated account is to be kept as NIL.
- When an NGO open a Designated FC Bank Account, It has to furnish intimation on plain paper to The Secretary, Ministry of Home Affairs, New Delhi within fifteen days of the opening of any account.
- It will reduce CASH TRANSACTIONS in utilization of funds for the projects in rural area.
- It will increase Bank Habits specifically in rural areas where FC projects are implemented.
- Donor/Grantor may ask NGOs to open a separate FC Designated Bank Account for his project. (Same like in NABARD etc.. of Government Project, NGO has to open separate Local Bank Account)
- It will increase work of Maintenance of Bank Documents and recording Bank transactions and Book keeping.
Ozg FCRA Consulting
Ozg Center, Central Delhi, INDIA
Note: To visit at any Ozg Center, an appointment is required.
To book an appointment, please visit to: ozgcenter.org/appointment
Phone # 098.114.15701-06-10-74-92-97
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