Govt Relaxed FCRA rules, Now NRI’s can send up to 10 lakhs to relatives in India.
The Union Home Ministry of India has amended new rules to Foreign Contribution Regulation Act (FRCA) such that Indians Living abroad can now send up to 10 lakhs to their relatives in India without informing the authorities. Earlier the limit was only 1 Lakh.
Also as per the new rules, If the transaction exceeds 10 lakhs, individuals will have now 90 days to inform the government authorities against only 30 days previously.
The FRCA amendment also barred public servants from receiving foreign donations or funds and also made Aadhar mandatory for every office bearers of NGOs
State Bank of India (SBI) Celebrated 67th Foundation Day
The Largest Public Sector Bank in the country, State Bank Of India has celebrated its 67th Foundation day on 1st July, 2022. The State of India was founded on 1st July 1955