Foreign funds law passed

Aug 28, 2010 |

Correspondent

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New Delhi, Aug. 27: Parliament on Friday enacted a new law to enforce strict regulation of the flow of funds from overseas to private individuals and social organisations in India in view of the changed security scenario and the increased threat from terror groups.

The Foreign Contribution (Regulation) Bill 2010, passed by the Lok Sabha on Friday, comes in the backdrop of only 18,000 of over 40,000 organisations which got funds from overseas reporting this submitting accounts.

However, that the government would ensure that “NGOs actually involved in development activities do not suffer”.

The organisations would have to renew their registration every five years: this, he said, would ensure that the dormant ones were weeded out. Banks would be required to immediately inform the government if any organisation received foreign funds of over Rs 10 lakhs in order to enable tracking of
the funds.

The new law also prohibits certain categories of individuals and organisations from accepting overseas funds, including election candidates, correspondents, editors and publishers of newspapers, judges and government employees, members of legislatures and political parties.

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