Foreign contribution withdrawal policy – FundMitr

Who can withdraw USD donations and What is the timeline to receive the funds?

Helpadmin — Sun, 17 Mar 2024 06:38:25 +0000

Medical Fundraisers – USD donations, the funds raised can only be transferred directly to the Treating Hospital. Fund Transfer would take 7- 10 working days.
Medical Fundraisers (For bills already paid for) – USD donations, the funds raised can only be transferred to the beneficiary or their direct relative’s account through an NGO, it can be a partnered NGO or any NGO of the beneficiary’s choosing. The withdrawal processing would take 14- 20 working days.

Please note: For withdrawing any donation in USD, bills of at least that amount need to be provided at the time of withdrawal. For eg. – If I wish to transfer 100 USD to the beneficiary’s account, I must provide unique bills of at least 100 USD.
Educational Fundraisers – USD donations, the funds raised can only go directly to the University/Schools account after providing a document from the institution declaring the student is enrolled and that they need to pay a specific amount as tuition/accommodation/etc., fees. The withdrawal processing would take 7- 10 working days to hit the institution’s account.
Memorial Fundraisers – USD donations, the funds raised can only be transferred through an NGO, it can be a partnered NGO of FundMitr or any NGO of the beneficiary’s choosing. The withdrawal processing would take 14- 20 working days to hit the recipient’s account.
Organisation Fundraisers – Both USD and INR donations can only be withdrawn to the NGO’s account. USD donations can only be withdrawn into a valid FCRA account of the NGO or a partnered NGO with a valid FCRA account.
Other Fundraisers – USD donations raised can only be transferred through an NGO, it can be a partnered NGO of FundMitr or any NGO of the beneficiary’s choosing.
Please note: For withdrawing any amount in USD, bills of at least that amount need to be provided at the time of withdrawal. For eg. – If I wish to transfer 100 USD to the beneficiary’s account, I must provide unique bills of at least 100 USD.

Note:
All withdrawal requests will be verified by our Verifications team before processing. Bills are a must to ensure a smooth transfer of funds. For smooth processing of INR donations, please ensure bills amounting to 70% of the requested amount are provided.

Remittance of foreign funds without a valid FCRA certificate can lead to regulatory action & hence to safeguard FundMitr & you as a fundraiser, we can either have the foreign donations transferred to the above available options or we will have to disable the option of accepting foreign donations.

Can I raise foreign funds for buying long-term medicines?

Helpadmin — Sun, 17 Mar 2024 06:36:48 +0000

Yes, as per our revised policies for foreign fund transfers to comply with the government guidelines, the funds raised can be transferred to the pharmaceutical/vendor accounts or to the beneficiary’s account or their direct relative’s account and provide bills amounting to at least equivalent to the amount requested.

For eg. – If I wish to transfer 100 USD to the beneficiary’s account, I must provide unique bills of at least 100 USD.

Which causes are not allowed to raise foreign donations?

Helpadmin — Sun, 17 Mar 2024 06:36:09 +0000

The following causes are not allowed to raise foreign donations on Fundmitr.com

– Media

– Legal

– Any fundraiser deemed by our internal team to be barred from receiving foreign contributions upon Management discretion.

You can write to info@fundmitr.com if you have any queries on the same.

What if I already have foreign funds on my fundraiser?

Helpadmin — Sun, 17 Mar 2024 06:32:54 +0000

We have revised our policies for foreign fund transfers to comply with the government guidelines as of July 2021.

For existing fundraisers, a one-time withdrawal will be allowed to the beneficiary’s account however once these funds are transferred, all future USD withdrawals will be transferred to either the Treating hospital, NGO or the service provider such as an Educational Institution, vendors, etc. depending on the type of fundraiser.

Can I raise donations in foreign currency through Fundmitr?

Helpadmin — Sun, 17 Mar 2024 06:30:37 +0000

Yes! You can raise foreign donations through FundMitr. We have revised our policies for foreign fund transfers to comply with the government guidelines. Please go through the policies and do reach out to us at info@fundmitr.com for any queries.

If you are raising funds for medical treatment, you can transfer foreign donations only to a treating hospital, clinic, dialysis centre or any healthcare provider in India or abroad. In case the above is not possible, you can transfer the funds to the beneficiary or their direct relative’s account provided you have sufficient bills to comply with Foreign transfer requirements in India.

Please note: For withdrawing any amount in USD, bills of at least that amount need to be provided at the time of withdrawal. For eg. – If I wish to transfer 100 USD to the beneficiary’s account, I must provide unique bills of at least 100 USD.
If you are raising funds for an NGO, you can transfer foreign funds only to an FCRA account of the NGO (as before) or a 501c 3 charity in the US.
If you are running a memorial fundraiser, you can transfer foreign funds only to the immediate family member’s bank account (as before).
For all other fundraisers, foreign funds can be transferred only to a service provider such as a vendor, supplier, educational institutions etc

My fundraiser has received donations in multiple currencies. Whose account can I transfer this to?

Helpadmin — Sun, 17 Mar 2024 06:27:51 +0000

Foreign funds, as per the new Foreign Contributions Regulation Act, can be transferred only to an organization’s account. An organization here refers to hospitals, NGOs, and vendors.

Can individuals raise and receive foreign funds?

Helpadmin — Sun, 03 Mar 2024 17:52:34 +0000

Individuals can set up a fundraiser and raise foreign funds on Fundmitr. however, these foreign funds can be withdrawn only to an organization’s FCRA account or a service provider’s account or a vendor’s account. To know more please click here.

What is FCRA? Why is this applicable to fundraisers on Fundmitr?

Helpadmin — Sun, 03 Mar 2024 17:51:02 +0000

FCRA stands for Foreign Contribution (Regulation) Act, 2010. The scope of this Act is to regulate the acceptance and utilization of foreign contributions by certain individuals or associations or companies and also to prohibit the acceptance and utilization of foreign contributions for activities that are detrimental to the national interest.

Donations received through Fundmitr are regulated by the FCRA. Fundmitr can transfer funds only to an FCRA-registered bank account of an NGO. There are other conditions under the Act that pertain to crowdfunding that can be read here.

Foreign funds transfer policy

Helpadmin — Sun, 03 Mar 2024 17:48:16 +0000

We have revised our policies for foreign fund transfers to comply with the government guidelines –

If you are raising funds for medical treatment, foreign funds can be transferred to the beneficiary’s account or the beneficiary’s immediate family member’s account, treating hospital, clinic, dialysis center, or any healthcare provider in India or abroad.
Note: Treatment bills will have to be provided for the value that is being withdrawn.
If you are raising funds for an NGO, you can transfer foreign funds only to an FCRA account of the NGO (as before) or a 501c 3 charity in the US.
If you are running a memorial fundraiser, you can transfer foreign funds only to the immediate family member’s bank account (as before).
For all other fundraisers, foreign funds can be transferred only to a service provider such as a vendor, supplier, educational institution, etc.

These guidelines apply for all the fundraisers on Fundmitr, ONLY where foreign funds are available.

If you no longer wish to accept foreign donations to your fundraiser, or need assistance, please reach out to your campaign manager or email us at info@fundmitr.com