No need to report the receipt of gift of Rs. 1 lakh to the Government: FCRA rules amended

Under the amended Foreign Contribution Regulation Act an individual shall need to report all gifts received from abroad only if their value is above Rs. 1 lakh. Earlier, the threshold value was fixed at Rs. 25,000, which means that any gift received from abroad with a market value in India of above Rs. 25,000 needed to be reported to the government.

Similarly, an individual travelling abroad requires hospitalization in a foreign country during a medical emergency situation, he will need to inform the government within a month, according to the new rules. The intimation should contain full details including the source, approximate value in Indian rupees and the purpose for which and the manner in which it was utilized. However, if the value of such hospitalization in emergent medical aid is up to Rs. 1 lakh, intimation is not required.