In a surprise move, the Ministry of Home Affairs, Government of India, has cancelled the foreign funding license of the well-known advocacy group, Centre for Financial Accountability (CFA), known for critically examining India's finance and banking sectors from human rights and environmental angle.
Ironically, CFA lost its license under the Foreign Contribution Regulation Act (FCRA) even as it completed seven years of Finance Matters (FM), its widely appreciated column in the CFA website. In a statement, CFA said, "We are happy that somebody in power is reading our weekly newsletters. We assure them that we will continue to enrich their reading in future too!"According to CFA, "The past seven years of FM coincided with the regime whose economic policies created a havoc for the common people. Demonetisation, ill-conceived GST and a reckless lockdown broke the backbone of the informal sector and unemployment peaked as never before. Dwindling income and skyrocketing inflation burnt a hole in the poor people’s purses exhausting whatever was left of their household savings."
It continued, "While we slipped in the global hunger index, the policies of the government sold off pieces of the country to the Adanis and the Ambanis, and gave the corporates massive tax breaks and write-offs fattening their pockets. While all of this was unfolding over the last decade, keeping quiet or looking the other way was never a choice. We joined others in holding this government to account."
According to CFA, "Through its weekly editions, Finance Matters has consistently provided a platform for informed commentary on crucial financial issues affecting our nation and world today. From dissecting the implications of global economic policies to unravelling the complexities of banking regulations, the newsletter has empowered its readers with valuable insights and perspectives."
Especially referring to the weekly column of former general secretary of the All India Bank Officers’ Confederation and steering committee Mmember at the Global Labour University Thomas Franco, Random Reflections, it said, it has been "one which is awaited for by many for the insights and analysis of Indian banking and the economy. Started towards the end of 2019, the column has been consistent and reproduced by many mainstream media."
According to CFA, "Through its weekly editions, Finance Matters has consistently provided a platform for informed commentary on crucial financial issues affecting our nation and world today. From dissecting the implications of global economic policies to unravelling the complexities of banking regulations, the newsletter has empowered its readers with valuable insights and perspectives."
Especially referring to the weekly column of former general secretary of the All India Bank Officers’ Confederation and steering committee Mmember at the Global Labour University Thomas Franco, Random Reflections, it said, it has been "one which is awaited for by many for the insights and analysis of Indian banking and the economy. Started towards the end of 2019, the column has been consistent and reproduced by many mainstream media."
Calling Finance Matters "a trusted source of information for policymakers, financial professionals, academics, and concerned citizens alike", CFA claimed, it has played a pivotal role in "advocating for and amplifying responsible financial practices and socio-economic, environment and climate accountability within the financial institutions."
Seeking public donations to continue its advocacy work, the statement underlined, "At a time when the government clampdown on civil society organisations (CSOs) has increased with a vengeance, in addition to false cases on and illegal incarceration of activists, throttling dissent and democratic rights, CFA will continue to speak truth to power.
In a separate statement, the Peoples’ Commission on Public Sector and Services, a civil outfit comprising of eminent academics, jurists, erstwhile administrators, trade unionists and social activists, the denial of renewal of FCRA registration of the public-spirited NGO "reeks of mala fide intent and vindictiveness."
Expressing solidarity with CFA, a "fraternal organisation with which it has collaborated closely in the last several years", the Commission said, the "latest action" is yet another confirmation that "the Modi government in its third term continues on a path of extinguishing dissent."
"The Commission notes with deep concern the manner in which the Ministry has been suspending/ revoking FCRA registration of several NGOs for minor infractions, while, shockingly, allowing political parties unfettered access to foreign donations", it underlined.
Stating that the Commission has highlighted how the current regime has worked on removing legislative hurdles to accessing foreign funding to political parties, it said, "This is clearly anomalous: there is one set of rules for political parties accessing foreign funds, while public-spirited NGOs face the weight of the state."
The Commission noted, "The CFA, a fledgling institution, in its short life span of 7 years, has distinguished itself in the cause of undertaking research that has provided analytical inputs to academia, journalists, social activists and the ordinary folk at a time when the mainstream media has sold its heart and soul to the powers that be."
It added, "In particular, its detailed fact sheets on specific issues ranging from demonetisation to inequities of the Indian tax regime have been revelatory for many. It has served a great public cause by shining a light on the misdeeds of Big Business, particularly their collusion with the ruling regime."
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