As per Foreign Contribution regulation Act no association having a definite cultural, economic, educational, religious or social program shall accept foreign contribution unless such association:- Registers itself with the Central Government in accordance with the rules made under this Act; and
Agrees to receive such foreign contributions only through such one of the branches of a bank as it may specify in its application for such registration, and every association so registered shall give, within such time and in such manner as may be prescribed, an intimation to the Central Government as to the amount of each foreign contribution received but it, the source from which and the manner in which such foreign contribution was utilized by it:
Where such association obtains any foreign contribution through any branch other than the branch of the bank through which it has agreed to receive foreign contribution or fails to give such intimation within the prescribed time or in the prescribed manner, or gives any intimation which is false, the Central Government may, by notification in the Official Gazette, direct that such association shall not, after the date of issue of such notification, accept any foreign contribution without the prior permission of the Central Government.
Every association referred to above may, if it is not registered with the Central Government, accept any foreign contribution only after obtaining the prior permission of the Central Government and shall also give, within such time and in such manner as may be prescribed, an intimation to the Central Government as to the amount of foreign contribution received by it, the source from which and the manner in which such foreign contribution was received and the purposes for which and the manner in which such foreign contribution was utilized by it.
Bank Accounts for Non-Resident Indians
Types of Deposit Schemes
Particulars
FCNR a/c
(Foreign Currency Non-Resident a/c.)
NRE a/c
(Non-Resident External Rupee a/c.)
NRNR a/c
(Non-Resident Non-Repatriable a/c.)
NRO a/c
(Non-Resident Ordinary a/c.)
NRSR a/c
[Non-Resident (Special) Rupee Accounts ]
1 2 3 4 5 6
Who can open an account NRIs or OCBs NRIs or OCBs Any person resident outside India. Any person resident outside India NRIs
Joint account of two or more NRIs Permitted Permitted Permitted Permitted Permitted
Joint account with another person resident in India Not permitted Not permitted Permitted Permitted Permitted
Currency in which account denominated Pound Sterling,US Dollar, DM, Jap. Yen, or Euro. Indian Rupees Indian Rupees Indian Rupees Indian Rupee

Repartrability: Principal

Freely Repatriable Freely Repatriable Not Repatriable Not Repatriable Not Repatriable
Repartrability: Interest Freely Repatriable Freely Repatriable Freely Repatriable Freely Repatriable Not Repatriable in accordance with the undertaking given at the time of opening the account
Foreign Currency Risk Account holder is protected against changes in INR value vis-à-vis the currency in which the account is denominated. Account holder is exposed to the fluctuations in the value of INR. Account holder is exposed to the fluctuations, in the value of INR to the extent of interest amount. Account holder is exposed to the fluctuations, in the value of INR to the extent of interest amount. No exposures to foreign exchange risk as no part of the balances are repatriable.
Notes:
ØNomination facilities, for nominating either a resident or a non-resident are available, in all types of accounts maintained in the name of individuals only.

ØFor details of tax benefits available against each account please refer to the current Income Tax rules.

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