Foreign Contribution Bill passed

Aug 20, 2010 - AGE CORRESPONDENT |

New Delhi

The Rajya Sabha on Thursday passed the Foreign Contribution (Regulation) Bill, 2006, seeking to enforce stricter regulations for foreign contributions in form of gifts, funds and other forms to individuals, organisations and companies, in the wake of changed internal security environment and large fund flow. It also seeks to prohibit acceptance and utilisation of foreign contribution or foreign hospitality for any activities detrimental to the national interest. It will replace the Foreign Contribution (Regulation) Act, 1976. While the proposed law prohibits all organisations of a “political nature” from receiving any foreign contribution, it also prohibits certain categories of individuals and organisations to accept overseas funds.
“The size of money coming to India is large... This requires to be regulated. We cannot allow laissez-faire,” home minister P. Chidambaram said replying to a debate on the bill. He said that there were over 40,000 organisations receiving foreign contribution in the country and half of them do not report the inflow of funds which is a cause of worry.
He said that Rs 10,000 crores is accounted for only from those who file their accounts. Assuming that similar funds go unreported, he said that the total size of the kitty is large.
“It is absolutely necessary to have stricter regulations,” he said.

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