Section 8 in The Foreign Contribution (Regulation) Rules, 1976
8. Maintenance of accounts .-(1) A separate set of accounts and records shall be maintained, exclusively for foreign contribution received and utilised,--
(a)in Form FC 6, where the foreign contribution relates only to articles as referred to in item (i) of sub-clause (c) of clause (1) of section 2;(b)in the cash book and ledger account on double entry basis, where the foreign contribution relates to currency received and utilised, and a separate bank account shall be maintained in respect of such contribution;(c)in Form FC 7, where the foreign contribution relates to foreign securities.(2)[ Every account specified in sub-rule (1) shall be maintained on an yearly basis, commencing on the 1st day of [April][each year and every such yearly account, duly certified by a chartered accountant [in Form FC 3 along with a balance sheet and statement of receipts and payments] [Substituted by S.O. 860(E), dated 29.12.1977 (w.e.f. 29.12.1977). ][, shall be furnished, in duplicate, to the Secretary to the Government of India, in the Ministry of Home Affairs, New Delhi, [within nine months] [Substituted by S.O. 860(E), dated 29.12.1977 (w.e.f. 29.12.1977). ][of the closure of the year.] [Substituted by S.O. 860(E), dated 29.12.1977 (w.e.f. 29.12.1977). ]Explanation .-In this rule, "Chartered Accountant" has the meaning assigned to it in the Chartered Accountants Act, 1949 (38 of 1949).
