News
FCRA Annual Return: Movable & Immovable Assets to be Declared
On September 22, 2023, the Ministry of Home Affairs notified the Foreign Contribution (Regulation) Amendment Rules, 2023 requiring disclosure of movable and immovable assets acquired through foreign contribution in the FCRA annual return.
As per Rule 17 of the 2011 Rules, an online report in Form FC-4 is required to be filed by every person who receives foreign contributions under the Foreign Contribution (Regulation) Act, 2010. Earlier, with respect to the assets purchased through foreign contribution, the rules only provided for disclosure of the details pertaining to the purchase of fresh assets including the objective, cost, and name of the project.
To avoid ambiguity, the changes introduced through the amendment rules clearly specify that apart from this, the creation of movable assets and acquisition of immovable properties would also be covered under the Form. I.e., if the foreign contribution is utilised to purchase or create movable assets or acquire immovable properties as of 31st March of the financial year, then the details thereof must be included in the said Form.
