BENGALURU: The not-for-profit foundation of the IT services major Infosys has been de-registered as an NGO under the Foreign Contribution (Regulation) Act ( FCRA ), following its own request. The Home Ministry has agreed to cancel its license as the company said it does not raise any foreign grant to carry out foundation work.Let's find out what really happened:FCRA licence gives an NGO to receive foreign funds and any NGO that is getting such grant have to mandatorily register based on the FCRA guidelines. FCRA registration also means that an NGO needs to file their numbers on annual income and expenditure with the Home Ministry.Infosys Foundation in June 2016 wrote to the Home Ministry requesting cancellation of its license under FCRA.In fact, the Foundation was registered under the FCRA Act in January 2016 and in May 2016, the Government amended the FCRA Act in the Finance Bill with retrospective effect from 2010. Infosys Foundation was one of them. The Foundation said it filed annual returns even if it did not come under the purview of the FCRA Act and requested for cancellation in 2016.Infosys Foundation's FCRA licence now stands cancelled after the Ministry agreed to accept its request.

Source: Economic Times May 14, 2019 08:01 UTC