Received 10 lakh gift from Abroad ? No need to report to Govt.

The Government notified the Foreign Contribution (Regulation) Amendment Rules 2022 on 01-07-2022 . Now any person receiving a foreign contribution in excess of Rs 10 lakhs in a year from his relatives shall inform the Government in e-form Form FC-1 about the details of the contribution.

Foreign contribution covers receipts in cash or in kind including in the form of securities.

Contributions made by a citizen of India living in another country (i.e., Non-Resident Indian), from his personal savings, through the normal banking channels, is not treated as foreign contribution.

A Donation from an Indian who has acquired foreign citizenship is treated as foreign contribution. This will also apply to PIO card holders and to Overseas Citizens of India.

The form can be filed within 3 months from the date of receipt of the contribution. The limit prescribed earlier was 3 lakhs.

The form can be filed online at https://fcraonline.nic.in/FC1.aspx