Management of foreign contribution of person whose certificate has been cancelled or surrendered [ Section 15 ] - FCRA - Ready Reckoner - FEMA

Management of foreign contribution of person whose certificate has been cancelled or surrendered Management of foreign contribution of person whose certificate has been cancelled or surrendered [ Section 15 ] The foreign contribution and assets created out of the foreign contribution in the custody of every person whose certificate has been cancelled under section 14 or surrendered under section 14A shall vest in such authority as may be prescribed. [ Section 15(1) of FCRA 2010 ] The Authority shall manage the activities as per directions of central government the assets will be returned to the person if subsequently registration is restored. Once the registration is cancelled, the unutilised amount vest with bank contribution till central Government issues further direction [ Rule 15 of FC(R) Rules 2011 ] Permission to Utilisation of foreign contribution or disposed of assets created out [ Section 15(2) of FCRA 2010 ] The authority referred to in section 15( 1 ) may, if it considers necessary and in public interest, manage the activities of the person referred to in that sub-section for such period and in such manner, as the Central Government may direct and such authority may utilise the foreign contribution or dispose of the assets created out of it in case adequate funds are not available for running such activity. The authority referred to in section 15( 1 ) shall return the foreign contribution and the assets vested upon it under that sub-section to the person referred to in the said sub- section if such person is subsequently registered under this Act.