INDIA FOREIGN EXCHANGE

 
 
 
 
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    India Foreign Exchange Info

     

    Foreign Contribution (Regulation) Act, 1976

       

    1. Short title, extent, application and commencement

    (1) This Act may be called the Foreign Contribution (Regulation) Act, 1976.

    (2) It extends to the whole of India, and it shall also apply to-

    (a) citizens of India outside India; and

    (b) associates, branches or subsidiaries, outside India, of companies or bodies corporate, registered or incorporated in India.

    (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

    2. Definitions
    (1) In this Act, unless the context otherwise requires,-

    (a ) "association" means an association of individuals, whether incorporated or not, having an office in India and includes a society, whether registered under the Societies Registration Act, 1860 (21 of 1860), or not, and any other organisation, by whatever name called;

    (b) "candidate for election" means a person who has been duly nominated as a candidate for election to any Legislature;

    (c) "foreign contribution" means the donation, delivery or transfer made by any foreign source-

    (i) of any article, not being an article given to a person as a gift for his personal use, if the market value, in India, of such article, on the date of such gift, does not exceed one thousand rupees,

    (ii) of any currency, whether Indian or foreign;

    (iii) of any foreign security as defined in clause (i) of section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973).

    1[Explanation: A donation, delivery or transfer of any article, currency or foreign security referred to in this clause by any person who has received it from any foreign source, either directly or through one or more persons, shall also be deemed to be foreign contribution within the meaning of this clause;]

    (d) "foreign hospitality" means any offer, not being a purely casual one, made by a foreign source for providing a person with the costs of travel to any foreign country or territory or with free board, lodging, transport or medical treatment; ....continued....

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
     

     

     
     
     
     
     
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