15 Jul. 24: In a surprising move, the Ministry of Home Affairs has canceled the foreign funding license of the Centre for Financial Accountability (CFA), a prominent advocacy group known for its critical examination of India’s finance and banking sectors from a human rights and environmental perspective.
The revocation of CFA’s license under the Foreign Contribution Regulation Act (FCRA) coincides with the seventh anniversary of its widely appreciated column, Finance Matters (FM). In response, CFA remarked, “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!”, reported the New York Times.
CFA’s statement highlighted the adverse economic policies of the current regime, citing demonetization, the implementation of GST, and a harsh lockdown as measures that devastated the informal sector and skyrocketed unemployment. It criticized the government’s actions, which it claims have benefited large corporations like the Adanis and Ambanis at the expense of the general populace.
Through its weekly editions, Finance Matters has provided informed commentary on crucial financial issues, empowering readers with insights into global economic policies and banking regulations. The column, particularly Random Reflections by Thomas Franco, former general secretary of the All India Bank Officers’ Confederation, has been widely anticipated and reproduced by mainstream media.
CFA’s work has been instrumental in advocating responsible financial practices and socio-economic, environmental, and climate accountability within financial institutions. The organization is now seeking public donations to continue its advocacy amidst increasing governmental crackdowns on civil society organizations.
The People’s Commission on Public Sector and Services, a collective of academics, jurists, former administrators, trade unionists, and social activists, condemned the government’s move, labeling it a “mala fide intent and vindictiveness.” The Commission emphasized that the government’s selective enforcement of FCRA regulations against NGOs, while political parties freely access foreign donations, is deeply concerning.
In its short existence, CFA has distinguished itself by providing critical analytical inputs to academia, journalists, social activists, and the public. Its detailed factsheets on issues like demonetization and tax inequities have illuminated the collusion between big business and the ruling regime, serving a vital public cause.
