Describe the modes through which a person can accept Foreign Contribution, under Section 4 of the Foreign Contribution (Regulation) Act, 2010.
CS Executive · Economic, Business and Commercial Laws · PYQS · December 2024
Describe the modes through which a person can accept Foreign Contribution, under Section 4 of the Foreign Contribution (Regulation) Act, 2010.
Answer & Explanation:
According to Section 4 of the Foreign Contribution (Regulation) Act, 2010, nothing contained in Section 3 shall apply to the acceptance, by any person specified in that section, of any foreign contribution where such contribution is accepted by him, subject to the provisions of Section 10: by way of salary, wages or other remuneration due to him or to any group of persons working under him, from any foreign source or by way of payment in the ordinary course of business transacted in India by such foreign source; or by way of payment, in the course of international trade or commerce, or in the ordinary course of business transacted by him outside India; or as an agent of a foreign source in relation to any transaction made by such foreign source with the Central Government or State Government; or by way of a gift or presentation made to him as a member of any Indian delegation, provided that such gift or present was accepted in accordance with the rules made by the Central Government with regard to the acceptance or retention of such gift or presentation; or from his relative; or by way of remittance received, in the ordinary course of business through any official channel, post office, or any authorised person in foreign exchange under the Foreign Exchange Management Act, 1999; or by way of any scholarship, stipend or any payment of like nature. It may be noted that in case any foreign contribution received by any person specified under section 3, for any of the purposes other than those specified under this section, such contribution shall be deemed to have been accepted in contravention of the provisions of Section 3.
Topics: Economic Laws
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