No need to inform govt about gift received abroad if valued up to Rs 1 lakh

Individuals receiving personal gift valued up to Rs 1 lakh need not inform the government about it anymore, the Home Ministry said on Monday as it amended Foreign Contribution (Regulation) Act. Earlier, the threshold value was Rs 25,000, as per the market value of the gift item in India.

The Centre amended the rules governing the Foreign Contribution (Regulation) Act, 2011, and notified this change alongside some other modifications. According to the amended rules, in case of emergent medical aid needed during a visit abroad, the acceptance of foreign hospitality has to be intimated to the government within a month of such receipt.

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 utilised. Earlier, the intimation was required to be given within two months.

No such intimation is required if the value of such hospitality in emergent medical aid is up to Rs 1,00,000. "A few more clauses in the FCRA rules were also amended through the fresh notification issued on Monday," a home ministry official said.