Skip to main content

NGOs not furnishing annual returns to be penalised: Govt

By
Non-governmental organisations (NGOs) not furnishing annual income and expenditure statement for two consecutive years will face a penalty totalling 10 per cent of foreign contributions received by them or Rs 10 lakh, whichever is less, the home ministry has said in a gazette notification.
A penalty equivalent to five per cent of the total foreign funds received in a year or Rs 5 lakh will be imposed for non-furnishing of annual return, after one year up to two years after December 31 every year.
According to an official estimate, less than 10 per cent of nearly three million registered NGOs across the country file their annual income and expenditure statements or annual returns.
Registration under Foreign Contribution Regulation Act of around 15,000 NGOs were cancelled by the government in the last two years for not furnishing annual returns.
A penalty of four per cent of the total foreign contribution received during the financial year or Rs 2 lakh will be imposed for failure to furnish returns after six months up to one year after December 31 every year.
Penalty of three per cent of the amount of foreign contribution received during the financial year or Rs 50,000 will be levied for not filing the annual returns after three months up to six months after December 31 every year, the notification said.
Two per cent penalty on total foreign funds received during the financial year or Rs 10,000 will be imposed for not furnishing returns for three months after December 31 every year.
“There have been many erring NGOs, which have often flouted rules. The guidelines are for them. No genuine NGO will be harassed,” a home ministry official said.
Business Standard New Delhi,04th July 2016

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more