Out of 22000 + entities that have FCRA license, 3600 have operationalized an A/C at SBI New Delhi, Parliament St branch.
4900 status unknown. 13800 have not operationalized their account.
Background: Some 10,000+ NGOs received 0 inflow in 2018-2019. One assumes /1
4900 status unknown. 13800 have not operationalized their account.
Background: Some 10,000+ NGOs received 0 inflow in 2018-2019. One assumes /1
they have taken this license but are not using it, or are 'sleeper cells' to be activated when extra-ordinary conditions like the current situation come by.
Some 5000 NGOs relied on intra-NGO transfers within India for more than 30% of their expenses. Now, they will have to go /2
Some 5000 NGOs relied on intra-NGO transfers within India for more than 30% of their expenses. Now, they will have to go /2
and get their funds themselves rather than rely on gatekeepers in big cities to do the front-ending for them. One would expect, this set of 10,000 + 5000 will be the ones with dodgy documents which will not pass muster with MHA and with a robust KYC process in Delhi. Earlier /3
they took their FCRA license and merely did a routine renewal after 2015. Bank A/C in far-off one-horse towns were opened on the basis of trust and a recommendation letter. The requirement to furnish Aadhar details of all trustees must have been an additional problem /4
since there are a wide variety of individuals who cannot serve on these NGOs. However, established NGOs with clean audited accounts and without conflicts of interest will have no issue in opening an account of passing KYC norms. Guess where the Hindu-run orgs will stand? /5
Most established Hindu-led orgs will pass this with their fund-raising ability relatively unscathed. That's the reason for all the gnashing of teeth and wailing by the usual suspects /END
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