APN News

  • Monday, December, 2023| Today's Market | Current Time: 01:27:25
  • Rajya Sabha passes bill for new law to regulate foreign contributions

    Published on August 20, 2010

    The Rajya Sabha  passed a bill paving way for a new law to regulate foreign contributions and hospitality by individuals and organisations. The bill is important in the wake of changed internal security environment and large fund flow. Replying to the debate on Foreign Contribution (Regulation) Bill 2006, the Home Minister P Chidambarm said that a large money is coming to India.

    Noting that there are over 40,000 organisations receiving foreign contribution in the country, he said half of them do not report the inflow of funds and do not file their accounts. He said 10,000 crore rupees is accounted for only from those who file their accounts. He said that government may revisit the law if 90 per cent people honestly report their receipts. He said the proposed Act prohibits certain categories of individuals and organisations to accept overseas funds.

    These include election candidates, correspondents, editors and publishers of newspapers, judges and government servants, members of legislature and political parties.

    However, the provisions of the bill will not apply on remittances received from relatives abroad and salaries or wages due from foreign sources. It will also exclude payment for international trade.


    Leave a Reply