Union Home Ministry has directed all NGOs, business entities and individuals who receive funds from abroad to open accounts in any of the 32 designated banks, within a month for higher level of transparency.According to the ministry order, the directive to the NGOs, companies and individuals to open foreign contribution accounts in banks, which are integrated with the central government’s Public Financial Management System (PFMS), came for providing a higher level of transparency and hassle-free reporting compliance.
The order, issued on December 21, said the NGOs are directed to comply with the order within one month. The government also told them not to do anything detrimental to national interests.
The central government has already decided that all banks where the FCRA registered persons and organisations have opened their foreign contribution accounts will be integrated with the PFMS for providing a higher level of transparency and hassle-free reporting compliance.