The Ministry of Home Affairs (MHA) amended rules on Monday asking non-governmental organisations (NGOs) and associations to declare movable and immovable assets created out of foreign contribution. Registration under the Foreign Contribution (Regulation) Act (FCRA) is mandatory for NGOs to receive foreign funds.
According to the Foreign Contribution (Regulation) Rules Amendment Rules, 2023, notified on Monday, two new additions have been made to the existing rules where NGOs are required to declare the details of assets by March 31 of the financial year. The rules in existence since 2011, were last amended in 2022.
The details required to be filled in a form are — description of the assets, size and location of the immovable asset such as land, building etc, value of the movable assets at the beginning of the financial year, value of assets acquired and disposed during the financial year, and value of movable and immovable assets as per the balance sheet at the end of the financial year.
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