Section-17 Foreign contribution through scheduled bank
Chapter IV: Accounts, Intimation, Audit and Disposal of Assets, Etc.
Section-17 Foreign contribution through scheduled bank. –
1. Every person who has been granted a certificate or given prior permission under section 12 shall receive foreign contribution in a single account only through such one of the branches of a bank as he may specify in his application for grant of certificate:
Provided that such person may open one or more accounts in one or more banks for utilising the foreign contribution received by him:
Provided further that no funds other than foreign contribution shall be received or deposited in such account or accounts.
2. Every bank or authorized person in foreign exchange shall report to such authority as may be specified--
a. prescribed amount of foreign remittance;
b. the source and manner in which the foreign remittance was received; and
c. other particulars, in such form and manner as may be prescribed.
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