NGOs to execute bond in favour of President: Centre to SC

Apr  06, 2017:  The Centre told the Supreme Court today that NGOs will now have to execute a bond in favour of the President of India and breach of trust will entail refund of grants while inviting the tag of black listed organisation.
It said to regulate the funding and use of grants by over 32 lakhs NGOs and voluntary organisations (VOs), their financial statements will be audited annually by the Comptroller and Auditor General of India and the chartered accountants.

The Centre, which tightened the monitoring process of accounts of NGOs, has framed the guidelines under which every auditor will have access to all the books, vouchers and other records in possession of the organisation concerned.
The Centre also barred the appointment of auditors if they are in any way related or have business interests with office bearers of the VOs/NGOs.  ( AIR NEWS)