FCRA Changes May Help Parties Get Foreign Funds

23, Oct 2015

Oct 22 2015 : The Economic Times (Mumbai)
Rahul Tripathi
New Delhi
PARTY TIME! India-registered firms controlled by foreigners may be considered Indian; move may boost CSR kitty and political donations
The central government is set to bring a notification under the Foreign Contribution Regulation Act (FCRA) that’ll benefit both BJP and Congress.
Officials familiar with the matter, who spoke on the condition of anonymity, told ET the notification will describe any company registered in India as an “Indian company“ irrespective of its shareholding pattern. Existing FCRA rules define a company as “Indian“ only if 50% or more shareholding is in Indian hands.

 

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