RBI vide circular dated February 16, 2023 has Introduced Foreign Contribution (Regulation) Act (FCRA) related transaction code in NEFT and RTGS Systems. The contributions to the FCRA account are received directly from foreign banks through SWIFT and from Indian intermediary banks through NEFT and RTGS systems.
The donor details such as name, address, country of origin, amount, currency, and purpose of remittance are required to be captured in such transactions and SBI is required to report the same to MHA on daily basis. Member banks are advised to incorporate necessary changes in their core banking / middleware solutions to capture the requisite details while forwarding the foreign donations through NEFT and RTGS systems to SBI.
The instructions will be effective from March 15, 2023.
