FCRA REGISTRATION-A NEED

Whenever any NGO either in the form of Trust, Society or Section 8 company is willing to receive any kind of foreign contribution or donation, they are required to obtain FCRA Registration under Section 6 (1) of Foreign Contribution (Regulation) Act, 2010. Irrespective of the nature of the contribution i.e. either cash or kind, the registration is mandatory.

Introduction

FCRA Department comes under the Ministry of Home Affairs. FCRA Registration is optional for NGO ,Trust and Section 8 Company

WHY MSME REGISTRATION - BENEFIT

The registration has no statutory basis. Enterprise would normally get registered to avail some benefits, incentives or support given either by the central or state govt. benefit available under MSMED Act. Registration of micro, small and medium (MSM) enterprises under MSMED Act is a very powerful medium to enjoy the regime of incentives offered by the Centre generally contain the following:

·         Protection against delay in payment from Buyers and rights of interest on delayed   payment

        Combined reading of Section 15 & 16 of the MSMED Act 2006 provides that If a buyer fails to make payment of the amount to the MSME supplier within 45 days , the buyer shall be liable to pay compound interest with monthly rests to the supplier on that amount from the appointed date at the rate of three times of the Bank Rate notified by RBI. Corporates, in case of MSME supplier has to make separate disclosure of non-payment in their financial statement.