RBI Issues Updated Master Circular: Banks Must Ensure Compliance with Foreign Contribution Regulations under FCRA, 1976.

The Master Circular outlines the obligations of banks under the Foreign Contribution (Regulation) Act, 1976, regarding the receipt of foreign contributions by associations and organizations in India. It updates previous instructions and mandates banks to ensure compliance by informing their controlling offices and branches. The circular, effective as of June 30, 2007, is accessible on the Reserve Bank of India's website. It is directed at the chairpersons and CEOs of all scheduled commercial banks, excluding regional rural banks, emphasizing the importance of adhering to these regulatory requirements.

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