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Title :
Comprehensive Commentaries on FCRA 2010
Author : Manoj Fogla
Pages : 444
Price : Rs.895
Foreign Contribution Regulation Act is a complex piece of legislation, often not fully understood by trustees as well as practising Chartered Accountants. There is very little literature available on this subject and there is hardly any book that deals with the subject in depth. Therefore, this book fills a void and is a welcome attempt to provide information and interpretation on FCRA for the benefit of all persons affected by this Act and in particular, voluntary organisations receiving foreign funding and contribution.
The book seeks to address the need, particularly of grassroot level organisations, which are doing yeoman work but struggle to understand the nuances of this legislation where the consequences of non-compliance can be severe. The book also discusses applicability of FCRA to unregistered ‘Self-help Groups’ and ‘Communitybased Organisations’.
The first chapter of the book is appropriately ‘Frequently Asked Questions (FAQs) on FCRA’. The book is comprehensive in its coverage and is divided into 46 chapters. Though the book does not have an index it has detailed contents, facilitating the search for the relevant information.
The book covers all the controversies under FCRA ranging from opening of multiple bank accounts, deposits from commercial transactions, applicability of the law to liaison offices, operation of revolving funds, anonymous donations, admission of foreigners on the Governing Board, etc. It also covers various procedural aspects, including procedure for obtaining and renewal of registration, prior permission for accepting foreign contribution, change in bank account, etc. It also has a chapter on online filing of application for registration giving a step-by-step process to be followed along with the screen shots at every stage.
It has 30 Annexures, including a useful Annexure tabulating the relevant provisions under the old FCRA, 1976 and under the current FCRA, 2010. An interesting Annexure reproduces the Charter issued by the Ministry of Home Affairs providing guidelines for Chartered Accountants auditing organisations covered by FCRA.
Though, the book is comprehensive in its coverage, the analysis and commentary is very often of a basic skeleton nature. One would have hoped for a more indepth analysis and discussion on topics, (and there are several of those in FCRA) where there could be more than one interpretation.
Perhaps that is done intentionally in favour of simplicity and to provide in an easy-to-read language all relevant information to persons covered by this enactment.
The book is published jointly by Financial Management Service Foundation (fmsf) and Voluntary Action Network India (VANI). The author and the publishers need to be complimented for spreading awareness on this opaque subject and fulfilling a crying need.
