The Ministry of Home Affairs on 1st July 2022, has published the Foreign Contribution (Regulation) Amendment Rules, 2022 to further amend the Foreign Contribution (Regulation) Rules, 2011.
Through the amendment, the time period to notify the government regarding the overseas transaction has been extended from 30 days to three months.
Rule 6 deals with intimation of receiving foreign funds from relatives. Through this amendment it is stated that “any person receiving foreign contribution in excess of 10 lakhs or equivalent thereto in a financial year from any of his relatives shall inform the Central government (details of funds) within three months from the receipt of such contribution.
The Foreign Contribution (Regulation) Act, consolidated the law to regulate the acceptance and utilisation of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilisation of foreign contribution or foreign hospitality for any activities detrimental to interest of the nation and for matters connected therewith or incidental thereto.