Section 19 of The Foreign Contribution (Regulation) Act, 2010
Every person who has been granted a certificate or given prior approval under this Act shall maintain, in such form and manner as may be prescribed,
- (a)an account of any foreign contribution received by him; and
- (b)a record as to the manner in which such contribution has been utilised by him.
Summary
- This provision requires anyone who has a certificate or prior approval to maintain detailed accounts of their foreign funds.
- The person must keep a record of all foreign contributions they receive.
- The person must also keep a record of exactly how they use or spend those contributions.
- The accounts must be maintained in a specific form and manner prescribed by the rules.
Practical examples
FAQ
1. Who needs to maintain accounts under Section 19 of The Foreign Contribution (Regulation) Act, 2010?
Under Section 19 of The Foreign Contribution (Regulation) Act, 2010, any person who has been granted a certificate or given prior approval must maintain accounts.
2. What exactly must be recorded according to Section 19 of the FCRA 2010?
According to Section 19 of the FCRA 2010, the person must maintain an account of any foreign contribution received and a record of how that contribution was utilised.
3. Does Section 19 of the foreign contribution law tell me exactly what format my records should take?
Section 19 of the foreign contribution law states that the accounts and records must be maintained in such form and manner as may be prescribed by the rules.
Test yourself
Q1.What are the two main things a person must record under Section 19 of The Foreign Contribution (Regulation) Act, 2010?
Q2.According to Section 19 of the foreign funding law, who is specifically required to maintain these accounts?
Q3.How must the accounts be maintained under Section 19 of the 2010 foreign contribution legislation?
Q4.If a person is given prior approval to accept foreign funds, does Section 19 of the FCRA 2010 apply to them?