Government launches Online Analytical Tool to monitor foreign contributions under FCRA
The Union Ministry of Home Affairs (MHA) launched an Online Analytical Tool to facilitate closer monitoring of flow and utilisation of foreign contributions received by various organisations registered or permitted under Foreign Contribution (Regulation) Act, 2010. The web-based tool will help to effectively monitor hundreds of thousands of transactions undertaken by such organisations and help stakeholders in Government to better regulate acceptance and utilisation of foreign contributions.
FCRA 2010 provides for regulation of acceptance of foreign funds/foreign hospitality by certain individuals, associations, organisations and companies.
Features of web-based tool
It enables decision-makers in various Government Departments to scrutinise source of foreign funds and their actual use in India. It will give them capacity to take evidence-based and data-driven decisions regarding compliance of provisions of FCRA, 2010.
It has analytical features to conduct big data mining and data exploration. Its dashboard has been integrated with bank accounts of FCRA-registered entities through Public Financial Management System (PFMS) for updation of transactional data on a real-time basis.
There are approximately 25,000 active organisations registered under FCRA, 2010. Such organisations have received foreign contributions worth Rs.18,065 crores from foreign donors for various social, cultural, economic, educational and religious activities in 2016-17. Each FCRA-NGO conducts multiple financial transactions in receiving and spending foreign contribution.
Month: Current Affairs - June, 2018