Re: [IAC#RG] Information on FC Donation of Rs. 1.24 Crs in cash

Respected Sarabjit Ji,

I have gone through the pdf version Form of RGF attached with the mail. There is no contribution receipt during the year as per the form. It is clear from the Col 2(ii) (a) and (b) that the RGF earned interest from bank for withholding the fund in their accounts both running and FDRs etc. That is why they had passed only single entry on 31.03.2013 for interest earned from the bank.

The confusion seems due to the fact that they are showing the figures in cash and in kind terms. It seems that Cash include bank balances. The same may be asked for verification that the fund in banks as on 31.03.2013.

The question is why the said trust is holding so much money received from foreign contribution and not utilising the same for whole year. The contribution/ donations received from donor for specific purposes and RGF seem failed to utililse the fund in effective manners.

Thanks & regards

Pavitar Singh

Jalandhar

On Mon, Mar 31, 2014 at 9:38 PM, Sarbajit Roy <sroy.mb@gmail.com> wrote:

Dear Devinder ji

The Trust Law (will have to check if RGF is a public or a private
trust) is clear that trustees cannot misuse trust assets for personal
purposes.

As we have great many CAs and other finance professionals on this
list, they can correct me if I say it is clear that the return filed
by RGF is just a dummy return to be filed within due date, and
thereafter it will either go missing or some supplementary return will
be filed to fill in the blanks.

Consider this, no bank mentioned, no names of donor(s) mentioned, all
FCR deposits only from India, Column A (1.24 CR) and Column B (nil)
add up to rs. 2.5+ Cr. Date of transactions are 31.03.2013 so these
are probably both book entries to cover up missing funds.  Now RGF
will be screwed if somebody asks MHA for the bank transaction details.

Sarbajit


On 3/31/14, devinder.thakur@btopenworld.com
<devinder.thakur@btopenworld.com> wrote:
> If the money has come into the trust for disbursement of outstanding
> expenses, incurred essentially for the and on behalf of the trust, why
> should the amount appear in any one's personal account or  why should it
> reflect as his/her income or asset. The trust law is very clear on this.
> Devinder
>
>
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