Indians can now receive an amount worth Rs 10 lakh annually from relatives residing overseas without notifying the authorities, according to the new Foreign Contribution (Regulation) Amendment Rules, 2022 by the Ministry of Home Affairs. Previously, the transactional amount was limited to Rs 1 lakh annually.
"In the Foreign Contribution (Regulation) Rules, 2011, in rule 6, — for the words “one lakh rupees", the words “ten lakh rupees" shall be substituted; and for the words “thirty days", the words “three months" shall be substituted," the notification said.
The government has made certain changes to the Foreign Contribution (Regulation) Act (FCRA). As per the new changes, the duration to notify the government regarding the overseas transaction has been extended to 90 days, instead of 30 days.
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Moreover, the deadline to notify the government regarding the bank account/accounts that is to be handled for effective utilization of such finances has been extended to 45 days. Previously, the deadline was 30 days.
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