NGOs Not Furnishing Annual Returns To Be Penalised: Home Ministry

Posted by: 2016-07-05 03:49:08 ,
By Raj Kumar

NGOs not furnishing annual income and expenditure statement for two consecutive years will face a penalty totalling ten per cent of foreign contributions received by them or Rs. 10 lakh, whichever is less, the Home Ministry has said in a gazette notification.
A penalty equivalent to five per cent of total foreign funds received in a year or Rs. five lakh will be imposed for non-furnishing of annual return after one year up to two years after December 31 every year.
According to an official estimate, less than 10 per cent of nearly 30 lakh registered NGOs across the country file their annual income and expenditure statements or annual returns.
Registration under Foreign Contribution Regulation Act of around 15,000 NGOs were cancelled by the government in last two years for not furnishing annual returns.
A penalty of four per cent of the total foreign contribution received during the financial year or Rs. two lakh will be imposed for failure to furnish returns after six months up to one year after December 31 every year.
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