Online tool to monitor foreign funds

The Centre launched an online analytical tool to monitor the flow and utilisation of foreign contributions received by organisations registered under the Foreign Contribution (Regulation) Act.

Published: 02nd June 2018 06:09 AM  |   Last Updated: 02nd June 2018 06:09 AM   |  A+A-

A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. (Photo | Reuters)

Image used for representational purpose only (File Photo | Reuters)

By Express News Service

NEW DELHI: The Centre launched an online analytical tool to monitor the flow and utilisation of foreign contributions received by organisations registered under the Foreign Contribution (Regulation) Act (FCRA).

“The tool enables decision-makers in government departments/ministries to scrutinise the sources of foreign funds and their actual use. It gives them the capacity to take data-driven and evidence-based decisions regarding compliance with the FCRA,” Union home minister Rajnath Singh said, after the launch on Friday. A Ministry statement said the tool conducts big data mining and exploration, adding that its dashboard will be integrated with the bank accounts of FCRA-registered entities through the Public Financial Management System for updation of transactional data on a real-time basis.

According to the Union Home Ministry, approximately 25,000 active organisations are registered under the FCRA and these received foreign contributions totalling Rs 18,065 crore for social, cultural, economic, educational and religious activities during 2016-17.

Each FCRA-registered non-governmental organisation conducts multiple financial transactions in receiving and spending the foreign contributions.

Therefore, there are hundreds of thousands of such transactions annually, which can be monitored effectively through the new tool. It will, therefore, help the stakeholders in government to better regulate acceptance and utilisation of foreign contributions, as per the Union Home Ministry.

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