Home Case Index All Cases FEMA FEMA + HC FEMA - 2023 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (1) TMI 944 - HC - FEMALevy of penalty - Petitioners having opened the FCRA account belatedly - Form FC-4 required a FCRA account as on 31st March of the end of financial year - scope of Foreign Contribution Regulation (Amendment) Act, 2020 - HELD THAT:- A perusal of the said form at serial no.7 requires FCRA account says that receipt of foreign contribution “as on 31st March of the year ending” has to be provided and the bank account has to be in the SBI, Sansad Marg branch. Since the Petitioner No.1 opened its account in August, 2021 and in any case, as on 31st March, 2020, the Foreign Contribution Regulation (Amendment) Act, 2020, had not come into effect, there appears to be some justification in the Petitioners’ case. Petitioner No.1 having opened its FCRA account in August, 2021 is, accordingly, permitted to fill up the said details of its FCRA account in serial no.7 of the Form FC – 4 and submit the same. No coercive steps shall be taken against the Petitioners for having opened the FCRA account belatedly, inasmuch as it is the case of the Petitioners is that no foreign contribution has been received by them in the FY 2019-2020 and FY 2020-21. No penalty shall be imposed upon the Petitioners if the returns for FY 2019-2020 and FY 2020-21 are filed within a period of one month. No further orders are called for by filling in the details of the bank account opened in August 2021, in SBI, Sansad Marg branch.
|