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Consider the following statements regarding the Foreign Contribution (Regulation) Act (FCRA), 2010:
1. The FCRA mandates that all NGOs receiving foreign contributions must open an account at the State Bank of India's New Delhi branch.
2. The FCRA prohibits the transfer of foreign contributions to any person or organization that is not registered under the Act.
3. The initial registration under the FCRA is valid for a period of ten years and can be renewed upon compliance with norms.
- a)1 Only
- b)1 and 2 Only
- c)1 and 3 Only
- d)1, 2 and 3
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the Foreign Contribution ...
Overview of FCRA, 2010
The Foreign Contribution (Regulation) Act (FCRA), 2010 is a crucial legislation in India that regulates the acceptance and utilization of foreign contributions by NGOs and other organizations.
Statement Analysis
1. Requirement to Open an Account at SBI, New Delhi
- This statement is incorrect. While the FCRA requires NGOs to open a designated bank account for foreign contributions, it does not mandate that this account be exclusively at the State Bank of India's New Delhi branch. NGOs can open accounts at any scheduled bank authorized by the Reserve Bank of India.
2. Prohibition on Transfer of Foreign Contributions
- This statement is correct. The FCRA explicitly prohibits the transfer of foreign contributions to any person or organization that is not registered under the Act. This ensures that foreign funds are used only for the intended purposes and within the framework of Indian laws.
3. Validity of Initial Registration
- This statement is correct. The initial registration under the FCRA is indeed valid for ten years. NGOs can seek renewal of their registration, provided they comply with the stipulated norms and guidelines set forth by the Act.
Conclusion
Based on the analysis:
- Statements 2 and 3 are correct, while statement 1 is incorrect. Therefore, the correct answer is option B (1 and 2 Only). This understanding is essential for NGOs to navigate the regulations surrounding foreign contributions effectively.
The Foreign Contribution (Regulation) Act (FCRA), 2010 is a crucial legislation in India that regulates the acceptance and utilization of foreign contributions by NGOs and other organizations.
Statement Analysis
1. Requirement to Open an Account at SBI, New Delhi
- This statement is incorrect. While the FCRA requires NGOs to open a designated bank account for foreign contributions, it does not mandate that this account be exclusively at the State Bank of India's New Delhi branch. NGOs can open accounts at any scheduled bank authorized by the Reserve Bank of India.
2. Prohibition on Transfer of Foreign Contributions
- This statement is correct. The FCRA explicitly prohibits the transfer of foreign contributions to any person or organization that is not registered under the Act. This ensures that foreign funds are used only for the intended purposes and within the framework of Indian laws.
3. Validity of Initial Registration
- This statement is correct. The initial registration under the FCRA is indeed valid for ten years. NGOs can seek renewal of their registration, provided they comply with the stipulated norms and guidelines set forth by the Act.
Conclusion
Based on the analysis:
- Statements 2 and 3 are correct, while statement 1 is incorrect. Therefore, the correct answer is option B (1 and 2 Only). This understanding is essential for NGOs to navigate the regulations surrounding foreign contributions effectively.
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Community Answer
Consider the following statements regarding the Foreign Contribution ...
To determine the correct statements, let's analyze each one:
Statement 1: The FCRA mandates that all NGOs receiving foreign contributions must open an account at the State Bank of India's New Delhi branch.
- This statement is correct. The Foreign Contribution Regulation Amendment Act, 2020, requires NGOs to open a designated FCRA account at the State Bank of India's New Delhi branch to ensure better monitoring and regulation of foreign contributions.
Statement 2: The FCRA prohibits the transfer of foreign contributions to any person or organization that is not registered under the Act.
- This statement is correct. The 2020 amendment to the FCRA explicitly disallows the transfer of foreign contributions to any other person, which includes individuals, associations, or companies, unless they are also registered under the FCRA.
Statement 3: The initial registration under the FCRA is valid for a period of ten years and can be renewed upon compliance with norms.
- This statement is incorrect. The initial registration under the FCRA is valid for five years, not ten. After this period, it can be renewed provided the NGO continues to comply with the norms set by the Act.
Hence, only statements 1 and 2 are correct. Therefore, the correct answer is Option B: 1 and 2 Only.
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Consider the following statements regarding the Foreign Contribution (Regulation) Act (FCRA), 2010:1. The FCRA mandates that all NGOs receiving foreign contributions must open an account at the State Bank of India's New Delhi branch.2. The FCRA prohibits the transfer of foreign contributions to any person or organization that is not registered under the Act.3. The initial registration under the FCRA is valid for a period of ten years and can be renewed upon compliance with norms.a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding the Foreign Contribution (Regulation) Act (FCRA), 2010:1. The FCRA mandates that all NGOs receiving foreign contributions must open an account at the State Bank of India's New Delhi branch.2. The FCRA prohibits the transfer of foreign contributions to any person or organization that is not registered under the Act.3. The initial registration under the FCRA is valid for a period of ten years and can be renewed upon compliance with norms.a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Foreign Contribution (Regulation) Act (FCRA), 2010:1. The FCRA mandates that all NGOs receiving foreign contributions must open an account at the State Bank of India's New Delhi branch.2. The FCRA prohibits the transfer of foreign contributions to any person or organization that is not registered under the Act.3. The initial registration under the FCRA is valid for a period of ten years and can be renewed upon compliance with norms.a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Foreign Contribution (Regulation) Act (FCRA), 2010:1. The FCRA mandates that all NGOs receiving foreign contributions must open an account at the State Bank of India's New Delhi branch.2. The FCRA prohibits the transfer of foreign contributions to any person or organization that is not registered under the Act.3. The initial registration under the FCRA is valid for a period of ten years and can be renewed upon compliance with norms.a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?.
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