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  • Parliament approves Bill on FDI regulation

    Published on August 28, 2010

    Parliament has given its seal of approval to an important Bill aimed at strictly regulating Foreign Contributions to individuals and organisations. The contributions include both gifts and funds. The Foreign Contribution (Regulation) Bill also seeks to prohibit acceptance and utilization of foreign contributions or foreign hospitality for any activity detrimental to the national interest. The government has accepted 12 of the 14 amendments recommended by the Standing Committee.
    Describing the bill as historic, Minister of State for Home Ajay Maken told the Lok Sabha that under the provisions, the banks will have to report to the government whenever contributions to the tune of 10 lakh rupees or more are deposited in the name of any individual or organisation. In reply to a specific question, the Minister said that the Cooperative societies will also be under the ambit of the bill. Mr Maken said out of the 40 thousand organisations registered for receiving foreign contributions, only 18 thousand are submitting their audited accounts.
    The yardsticks for organisations of political nature have also been spelt out in the bill. Later, the bill was adopted by voice vote after CPIM member A Sampath withdrew his amendments. The Rajya Sabha has already passed the bill.