‘There’s Life Beyond FCRA,” Says CFA After Govt Cancels Registration of Parent Org

New Delhi: After a string of cancellations of FCRA registrations of civil society organisations and NGOs seen as “not falling in line”, the Modi 3.0 government’s latest axe has fallen CACIM, the parent organisation of Centre for Financial Accountability (CFA), an organisation that “critically analyses the role of financial institutions and their impact on development, human rights and environment,’ according to a report The Hindu. 

The FCRA registration cancellations, initiated by the Home Ministry, are for alleged violation of norms. However, several organisations have refuted the allegations and have also approached the courts.

The cancellation of registration under the Foreign Currency Regulation Act, in effect, means squeezing the organisations dry of all foreign funds, leading to their virtual closure. This was earlier seen in the case of 50-year-old think-tank Centre for Policy Research, World Vision India, Greenpeace India among others.

According to The Hindu, since 2015, FCRA registrations of over 16,000 NGOs have been cancelled or not renewed.

Reacting to the decision, Joe Athaily, executive director CFA, issued a statement, saying that the government had “gifted” FCRA cancellation to the organisation for “holding it to account’ on various economic policies that created 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. 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” read the statement.

Athaily told The Hindu that CFA would not get ‘bogged down’ by such actions and would continue the work that it was doing.

“We will find innovative ways to carry forward our work, which includes domestic donations. There is life beyond FCRA,’ he was quoted as saying.

Read CFA’s statement below:

7 Years of Speaking Truth to Power: Government Gifts Cancellation of FCRA!

As we completed seven years of Finance Matters (FM), CFA lost its FCRA! 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!!

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. 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.

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.

The weekly column of Thomas Franco – Random Reflections – is 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. 

Similarly many others contributed to FM over the years, bringing in diverse views, and insights and helping readers understand the complexities of finance.

Over the years, FM has evolved into a trusted source of information for policymakers, financial professionals, academics, and concerned citizens alike. Furthermore, Finance Matters has played a pivotal role in advocating for and amplifying responsible financial practices and socio-economic, environment and climate accountability within the financial institutions. 

At a time when the government clampdown on CSOs has increased with a vengeance, in addition to false cases on and illegal incarceration of activists, throttling dissent and democratic rights, not just FM, CFA will continue to speak truth to power.