CURRENT AFFAIRS

2023

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which bank has been designated by the Union Government for opening all FCRA accounts?

A	Axis Bank
B	State Bank of India
C	ICICI Bank
D	Yes Bank

Explanation:

Detailed explanation-1: -The order said the Centre has notified the New Delhi Main Branch (NDMB) of SBI, 11 Sansad Marg, New Delhi-110001 for the purposes of opening the “FCRA account” to receive foreign contribution.

Detailed explanation-2: -Procedure to open FCRA Account. The applicant shall collect the Account Opening Form (AOF) physically from the nearest SBI branch or the SBI branch of his choice or download the same from the website of SBI.

Detailed explanation-3: -(a) Permanent Account Number (PAN) or Form No. 60 (except in case of small accounts) (b) One recent photograph (c) For existing FCRA entities, copy of FCRA Registration Certificate issued by MHA. (d) Certificate from Home Branch of the customer furnishing details of all FCRA Utilization accounts of the customer.

Detailed explanation-4: -The Foreign Contribution (Regulation) Act, 1976 (FCRA, 1976) casts certain obligation on banks in regard to acceptance of foreign inward remittances for onward credit to the accounts of associations/organisations in India.

Detailed explanation-5: -Foreign Contribution Regulation Act (FCRA) | Ministry of Home Affairs.

There is 1 question to complete.