Demonetization of currency notes and FCRA implications

With demonetization of Rs. 500/- and Rs. 1000/- currency notes, we have been flooded with queries about amount already withdrawn from FCRA designated or utilization bank account in such currencies. In our opinion out of abundant caution, the NGOs are advised to deposit this amount in FCRA designated bank account only irrespective of whether the amount was withdrawn from utilization bank account.

We would like to reiterate once again that organizations review their payment procedures and opt for more and more bank transactions. Only in exceptional situation where there is no possibility to make bank payments, cash payments may be made subject to the limit specified by FCRA Department i.e. Rs. 20,000/-.


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