Amendment in Foreign Contribution (Regulation) Amendment Rules, 2011 -Rule 15, insertion of rule 6A and substitution of rule 24

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..... No. GSR 292(E), dated 12-4-2012 In exercise of the powers conferred by section 48 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby makes the following rules further to amend the Foreign Contribution (Regulation) Rules, 2011, namely:- Short title and commencement 1. (1) These rules may be called the Foreign Contribution (Regulation .....

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..... n the principal rules, for rule 24 , the following rule shall be substituted, namely :- "24. Procedure for transferring foreign contribution to any unregistered person. (1) A person who has been granted a certificate of registration or prior permission under section 11 and intends to transfer part of the foreign contribution received by him to a person who has not been granted a certificate .....

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..... seek the prior approval of the Central Government for transferring the foreign contribution received by him to another person who has been granted a certificate of registration or prior permission under the Act provided that the recipient has not been proceeded against under any of the provisions of the Act. (4) Both the transferor and the recipient shall be responsible for ensuring proper utili .....

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