SBI advisory & guidelines in respect of FCRA bank account

STATE BANK OF INDIA

No. NDMB/53
Date : 09.06.2021

The Joint Secretary
Government of India,
Ministry of Home Affairs
Foreigners Division (FCRA Wing)
1st Floor, Major Dhyan Chand National Stadium,
India Gate,
New Delhi -110001

Sir,

FCRA Accounts

We refer to the procedure for opening of FCRA accounts at New Delhi Main Branch.

In this context we submit that we have clarified to the entities that they need not visit Delhi and instead they can visit any branch of their choice near to them for opening of FCRA Accounts.

In this regard a mail communication with the letter (as attached) has been shared with almost 23000 entities on 22nd December 2020, 22nd February 2021 and 18th March 2021.

Also, the SOP finalized by MHA has been placed on Bank’s website in the month of December 2020 and is available in public domain (https://bank.sbi/web/personal-banking/fcra-amendment-2020).

Yours faithfully,

Deputy General Manager

 ******

STATE BANK OF INDIA

No FCRA/SbI-NDMB/2020-21/
Date

Shri/ Smt./M/s. ___________

____________ ___________

____________ ___________

Madam / Dear Sir

FOREIGN CONTRIBUTION (REGULATION) AMENDMENT ACT 2020 OPENING AND MAINTENANCE OF NEW FCRA ACCOUNT AT NEW DELHI MAIN BRANCH (NDMB)

Greetings of the season We understand that you are an FCRA registered entity As you are aware, many changes have been made in opening and maintenance of FCRA account vide captioned amendments in September 2020. The most important change being that all entities registered under FCRA have to open an account at SBI. New Delhi Main Branch (NUMB) as Designated FCRA Account. The account so opened at NDMB can only be used for receiving any Foreign Contribution

2. Other important changes are as under

• Another account can be opened at any Branch of a Scheduled Commercial Bank for Keeping and Utilization of the funds received in above mentioned Designated FORA Account at NDMB.
• If you already have an existing FCRA Account in any Bank, the same is to be used as Utilization account.
• FCRA donations can be received only in the Designated FCRA Account which has to be mandatorily maintained at NDMB.
• For opening of Designated FCRA account, you need not visit NDMB. If you are an existing SBI customer, you may submit the enclosed Account Opening Form (AOF) and other required documents including KVC documents to your home branch which will be forwarded by your branch to NDMB
• If you are maintaining FCRA account with another bank, you can approach nearest SBI Branch or any branch of SBI of your choice for opening of Designated FCRA Account at NDMB and submit Account Opening Form (AOF) along with required documents including KYC documents (Scanned copy of AOF along with KYC checklist is attached) Should you wish to open the Utilization Account at SBI, then another AOF needs to be filled and submitted along with KYC papers to the same branch
• Account opening forms. other formats and Standard Operating Procedure (SOP) in this regard is already placed on Bank’s website (bank sbi) under ‘Announcements^– It is also available under ‘ Information & Services’ A copy of the SOP is attached herewith for ready reference
• Contact details at NOMB is provided in SOP. Please feel free to contact officials at NDMB in case of any doubt/ Inconvenience (Tel Nos 011-2337 439.2 /4143 /4213)
• We Shall make all efforts to ensure that that you feel comfortable and relish your experience of banking with SBI, New Delhi Main Branch

Looking forward to serving you with delight_

Yours Sincerely.

Sd/-

Dy. General Manager

Encl: i. Account Opening Form

ii. Copy of SOP

FEMA Declaration —cum- Undertaking

(Under Section 10(5) of the Foreign Exchange Management Act- 1999)

I / We hereby declare that the transaction’s, the details of which are specifically mentioned in the schedule hereunder does not involve and is not designed for the purpose of any contravention or evasion of the provisions of the aforesaid Act or any rule, regulation, notification. direction or order made there under.

I/ We also hereby agree and undertake to -give such information I documents before the Bank undertake the transaction/s and as may be required from time to time that will reasonably satisfy Bank about the transaction/s in terms of the above declaration.

I/We also understand that if/ we refuse to comply with any such requirement or make unsatisfactory^–compliance herewith, the Bank shall refuse in writing to undertake the transactions and shall if it has reason to believe that any contravention / evasion is contemplated by me / us. report the matter to Reserve Bank of India.

I/We further declare that the undersigned has / have the authority to give this declaration and undertaking on behalf of the firm/ company/ organization.

Place:
Date

Signature:
Names:
Rubber Seal:

SCHEDULE

Nature / Purpose of Foreign Exchange Transactions: _____________

Amount of Foreign Exchange : __________

Name of beneficiary entity: __________

For Office use

Details of documentary evidence verified

1.

2.

Date:

Sank Official Sign & Name
Designation:

******

List of Documents for opening or FORA Accounts of an Entity

1. TRUSTS) FOUNDATIONS:

(a) Registration Certificate

(b) Trust deed

(c) One copy of OVD from the list given below, containing details of identity and address and PAN I Form 60 in respect of managers. officers or employees hording an attorney to transact on its behalf.

(d) PAN / Form 60 of the Trust  Foundation

(e) One recent Photograph in respect of the person holding an attorney to transact on its behalf

(f) For existing FCRA entities. copy of FCRA Registration Certificate issued by IONA.

(g) Certificate from Home Branch of the customer furnishing details of all FCRA Utilization accounts of the customer.

2. ACCOUNTS OF UNINCORPORATED ASSOCIATIONS OR BODY OF INDIVIDUALS:

(a) Resolution of the managing body of such association or body of individuals.

(b) PAN or Form 60 of the Unincorporated Association or a Body of Individuals.

(c) Power of attorney granted to an individual to transact on its behalf.

(d) One copy of OVD from the list given below. containing details of his /¹her identity and address, one recent photograph and PAN/Form 60 in respect of the person holding an attorney to transact on its behalf

(e) Such information as may be required to collectively establish the legal existence of such an association Of body of individuals.

(f) For existing FCRA entities. copy of FCRA Registration Certificate issued by MHA.

(g) Certificate from Home Branch of the customer furnishing details of all FCRA Utilization accounts of the customer.

(In addition to above. it Savings Bank account is to be opened for above two categories of customers, then a certificate is required from Income Tax authorities that Income of the organization is not taxable.)

3. INDIVIDUALS:

(a) Permanent Account Number (PAN) or Form No. 60 (except in case of small accounts)

(b) Ono 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.

List of OVDs :

(i) Passport,

(ii) Driving license.

(iii) Proof of possession of Aadhaar Number.

(iv) Voter’s Identity Card issued by Election Commission of India.

(v) Job card issued by NREGA duly signed by an officer of the State Government,

(vi) Letter issued by the National Population Register containing details of name and address.

4. Beneficiary Owners KYCs I identification documents as per RBI Master Direction -Know Your Customer (KYC) Direction. 2016 [Master Direction No. DBR.AML. BC.No.81/14.01.00/2015-16. dated 25.02.2016 (updated as on 20.04.2020)]