The said Ministry will directly notify the worried bank to keep watch on using the foreign contribution and report back to the Ministry in case of any disparity.
The companies signed up under the FCRA have to keep separate accounts incurred under the FC head and submit a return in the prescribed format to the Ministry in addition to the audited statement of accounts of the previous year by 31 July every year.
The companies signed up under the FCRA, must notify to the Ministry about any change in name of the company, its Registered Workplace and aims and objects within 30 days of the suitable change. Prior authorization will be required from the stated the Ministry for any change in the designated bank or replacement of more than half of members of the governing body at the time of its registration under the FCRA.