Now, declare gifts from kin abroad - All you need to know

Now, declare gifts from kin abroad - All you need to know

FPJ BureauUpdated: Thursday, November 12, 2020, 11:16 PM IST
article-image

If you are getting a gift from a relation abroad, you have to fill up a form and declare it to the home ministry under the Foreign Contribution (Regulation) Act (FCRA).

You have to fill up Form FC-1, under rules 6, 17 and 18, and submit it to the Home Ministry, giving your details like name, contact details, mobile number, email address, PAN card number, Aadhar number, amount of foreign contribution received, number of the bank draft or telegraphic transfer or other communication, including the bank details as also details of the relative and your relationship with him/her.
Though the Act was originally meant to regulate acceptance and utilisation of foreign contribution or foreign hospitality extended by foreign governments or foreign organisations, so as to prohibit any activities detrimental to the national interest, it has been also extended to the receipt of gifts, articles or securities from a relative abroad if their value exceeds Rs 1 lakh in a financial year.
The basic idea in amending the law is to kill the NGOs which have been undertaking public activities in different parts of the country, getting funds from abroad through the legal route. As an abundant precaution, even individuals getting gifts from abroad have been put under the scanner as the government sources say the recipients may be indulging in anti-national activities with funds received through the channel of their relatives abroad.
The form requires you to provide details of receipts of foreign contribution by way of gift, articles or securities from the relative and also provide FCRA registration/prior permission number and date, if any, with details of the articles like purpose, quantity, approximate value, mode of utilisation and details of the person if they are disposed to him/her.

RECENT STORIES

Heralding Mediated Dispute Resolution Over Litigation: The Mediation Act, 2023, Future Of Indian...

Heralding Mediated Dispute Resolution Over Litigation: The Mediation Act, 2023, Future Of Indian...

Force Motors Shifts Gears: Exiting Tractors And Connected Activity Business At The End Of FY24

Force Motors Shifts Gears: Exiting Tractors And Connected Activity Business At The End Of FY24

'From Shop Floor To Success,' Anand Mahindra Backs Elon Musk's Call For Recognition Of Manufacturing...

'From Shop Floor To Success,' Anand Mahindra Backs Elon Musk's Call For Recognition Of Manufacturing...

Bank Of India Faces ₹564 Crore Penalty From Income Tax Department; Yes Bank Also Hit With ₹113...

Bank Of India Faces ₹564 Crore Penalty From Income Tax Department; Yes Bank Also Hit With ₹113...

The Impact Of AI On Psychometric Testing

The Impact Of AI On Psychometric Testing