A political firestorm has hit India with the Central government proposing key amendments to the country's foreign funding law- FCRA. Christian groups and opposition parties have raised concerns that the proposed amendments could enable undue interference in the functioning of minority institutions and NGOs.


India To Amend Foreign Funding Law: Here's How NGOs Will Be Impacted 

A thorough inquiry into the issue of foreign funding in madrasas has been launched by the Special inquiry Team (SIT), with a particular focus on the roughly 4,000 institutions that operate close to the border between India and Nepal.

Madrasas on Indo-Nepal border under scanner over foreign funding

On Tuesday (Oct 3), around 500 personnel of Delhi Police raided over 100 locations in the National Capital Region (NCR) and Mumbai linked to web news portal NewsClick and its journalists.

On Tuesday (Oct 3), around 500 personnel of Delhi Police raided over 100 locations in the National Capital Region (NCR) and Mumbai linked to web news portal NewsClick and its journalists. NewsClick, founded in 2009, is known for severely criticising the Narendra Modi-led government of the ruling Bharatiya Janata Party (BJP). News agency PTI reported that police seized laptops and mobile phones of some of the journalists. NewsClick editor-in-chief Prabir Purkayastha and journalists Abhisar Sharma and Urmilesh were among those targeted in the raids. So far, Prabir Purkayastha and Amit Chakraborty, a shareholder in the company, have been arrested by police under the anti-terror Unlawful Activities (Prevention) Act (UAPA). “Delhi Police landed at my home. Taking away my laptop and phone," journalist Abhisar Sharma wrote on X. Another journalist, Bhasha Singh, wrote on X, "Finally last tweet from this phone. Delhi police seizure (sic) my phone." As per a report by PTI, the journalists were handed over a list of 25 questions, related to farmers' protests against the Modi government and Delhi’s Shaheen Bagh protests against the citizenship law. NewsClick’s alleged China links The action against NewsClick comes months after a damning New York Times report which revealed that the web portal was linked to a China-backed media machine. The report alleged that NewsClick received millions in funding from American billionaire Neville Roy Singham, a close associate of the Chinese government. The report also highlighted some content published by NewsClick, aimed at pushing the narrative generally peddled by Chinese media and government. For example, the portal published a series of articles highlighting ‘China's steps to contain the Covid-19 pandemic.’ It also published a video titled “China’s history continues to inspire the working classes”. But the government’s action against NewsClick didn’t start after the New York Times report. India’s financial watchdog Enforcement Directorate (ED) had begun investigating foreign funding of NewsClick in 2021 itself. ED’s case against NewsClick According to media reports, ED’s investigation revealed that NewsClick received $4.56 million (INR 38 crore) in foreign funding over a period of three years. The funds were then allegedly distributed to several controversial journalists, including Gautam Navlakha and associates of Teesta Setalvad. A search was carried out by the ED at the offices of PPK Newsclick Studio and its associated entities and their Directors and shareholders (ten entities) located in Delhi NCR under the Prevention of Money Laundering Act (PMLA). During the search, foreign currency, incriminating documents and digital evidence were seized. Details about foreign funding ED revealed that out of the total Rs 38 crore, around Rs 9.59 crore were infused into NewsClick through Foreign Direct Investment (FDI). The rest came by way of export of services. The FDI of Rs 9.59 crore came in April 2018 by way of subscription of shares of NewsClick (a loss-making company which was registered in January 2018) at a premium of INR 11,510/share (Face value of share was INR 10/share) from a non-existent company, namely Worldwide Media Holdings, a Delaware Limited Liability Company. Also read: Who is Neville Roy Singham? How is he promoting Chinese propaganda across the world? According to ED, Prabir Purkayastha had known Neville Roy Singham since 2017. However, during the interrogation, Prabir allegedly concealed his links to the man and claimed he didn’t know anything about him. ED also alleged that the funds transferred from Singham to Prabir aimed at promoting a "leftist ideology". Funding traced to China As per the results of ED’s investigation, the origin of the total Rs 38.05 crore rupees has been traced to an undisclosed source in China. According to allegations, Amit Chakraborty, a shareholder at NewsClick, mentioned in his statement under PMLA that Neville Roy Singham is the ultimate owner of funds received from the United States. An amount of Rs 1.55 crore was disbursed to Joseph Raj, an electrician with a ninth-grade education and a close associate of Prabir Purkayastha, for minor maintenance work. However, no supporting documentation for this work was discovered or provided during the investigation. Also read: Delhi Police register anti-terror case against NewsClick, raid journalists amid China funding row Additionally, a payment of Rs 52.09 lakh was made to Bappaditya Sinha, another shareholder in NewsClick, who is also a member of the CPI(M)'s IT Cell and manages Twitter accounts for various party leaders. The Chinese funds received were purportedly transferred to several contentious journalists and activists known for their criticism of the Modi government. Beneficiaries of the funding As per ED’s allegations, the following are the names who allegedly received money sourced from China-backed organisation in the US. Javed Anand, husband of Teesta Setalvad (Rs. 12.61 lakh). Tamara, daughter of Teesta Setalvad (Rs. 10.93 lakh) Jibran, son of Teesta Setalvad Gautam Navlakha (Rs. 20.53 lakh) Urmilesh (Rs. 22.78 lakh) Arartika Halder Paranjoy Guha Thakurta (Rs. 40.04 lakh) Trina Shankar Abhishar Sharma (Rs. 45.69 lakh) Bappaditya Sinha, (Rs 52.09 lakh) Police action The action has been taken on the basis of a case registered on August 17 under the stringent Unlawful Activities (Prevention) Act and Section 153A (promoting enmity between two groups), 120B (criminal conspiracy) of the Indian Penal Code, according to ANI. The exact details of the case are, however, not known as there has been no formal word from the Delhi Police yet. WATCH WION LIVE HERE ×

Explained | NewsClick’s alleged links to China; who received the money and when?

Indian companies will soon have the opportunity to access foreign capital within India through registrations with exchanges at the International Financial Services Centre (IFSC) in the Gujarat International Financial Tech City (GIFT).

Finance Minister Nirmala Sitharaman on Saturday announced the government's decision to facilitate direct listings of both listed and unlisted companies on the IFSC exchanges.&nbsp;

The latest decision is expected to provide companies with easier and more cost-effective access to foreign capital,&nbsp;marking a significant step to boost India's capital markets capabilities.

Furthermore, the SGX Nifty, which was previously traded on the Singapore Exchange's platform, has been transferred to the National Stock Exchange's International Exchange in GIFT City.

GIFT City, a tax-neutral financial center based in Gujarat, aims to rival financial hubs like Singapore and provides attractive tax incentives and a more streamlined regulatory environment for businesses. The IFSC currently accommodates two stock exchanges: a commodity bourse and a bullion exchange.

India's Capital Market Initiatives &amp; Future of Securities Market Code

The current regulatory framework in the country prohibits the direct listing of equity shares of Indian-incorporated corporations on international stock markets.

As of now, the only avenues for Indian corporations to access global equity capital markets are through the American Depository Receipts (ADR) and Global Depository Receipts (GDR) regimes. Although the government announced plans in 2020 to permit primary listings on foreign exchanges, the initiative was put on hold following opposition from nationalist groups affiliated with the ruling party.

Sitharaman highlighted the government's recent initiatives, emphasizing the significant move of consolidating the laws governing the securities market in the country into a single Securities Market Code.

"The objective is to consolidate the SCRA (Securities Contracts (Regulations) Act) of 1956, the SEBI Act of 1992, and the Depositories Act of 1996 into one comprehensive Act with updated and rationalized provisions," she explained. This consolidation is crucial as it ensures the Code is future-ready, taking into account long-term developments and promoting ease of doing business.

The finance minister further elaborated that the Securities Market Code is designed to cater to the developmental and regulatory needs of the country's rapidly growing capital market. With a focus on fostering growth and facilitating a conducive environment, this Code is expected to play a pivotal role in shaping the future of India's capital market.

(With inputs from agencies)

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Indian companies will soon have the opportunity to access foreign capital within India through registrations with exchanges at the International Financial Services Centre (IFSC) in the Gujarat International Financial Tech City (GIFT).

Indian companies will soon have the opportunity to access foreign capital within India through registrations with exchanges at the International Financial Services Centre (IFSC) in the Gujarat International Financial Tech City (GIFT). Finance Minister Nirmala Sitharaman on Saturday announced the government's decision to facilitate direct listings of both listed and unlisted companies on the IFSC exchanges. The latest decision is expected to provide companies with easier and more cost-effective access to foreign capital, marking a significant step to boost India's capital markets capabilities. Furthermore, the SGX Nifty, which was previously traded on the Singapore Exchange's platform, has been transferred to the National Stock Exchange's International Exchange in GIFT City. GIFT City, a tax-neutral financial center based in Gujarat, aims to rival financial hubs like Singapore and provides attractive tax incentives and a more streamlined regulatory environment for businesses. The IFSC currently accommodates two stock exchanges: a commodity bourse and a bullion exchange. India's Capital Market Initiatives & Future of Securities Market Code The current regulatory framework in the country prohibits the direct listing of equity shares of Indian-incorporated corporations on international stock markets. As of now, the only avenues for Indian corporations to access global equity capital markets are through the American Depository Receipts (ADR) and Global Depository Receipts (GDR) regimes. Although the government announced plans in 2020 to permit primary listings on foreign exchanges, the initiative was put on hold following opposition from nationalist groups affiliated with the ruling party. Sitharaman highlighted the government's recent initiatives, emphasizing the significant move of consolidating the laws governing the securities market in the country into a single Securities Market Code. "The objective is to consolidate the SCRA (Securities Contracts (Regulations) Act) of 1956, the SEBI Act of 1992, and the Depositories Act of 1996 into one comprehensive Act with updated and rationalized provisions," she explained. This consolidation is crucial as it ensures the Code is future-ready, taking into account long-term developments and promoting ease of doing business. The finance minister further elaborated that the Securities Market Code is designed to cater to the developmental and regulatory needs of the country's rapidly growing capital market. With a focus on fostering growth and facilitating a conducive environment, this Code is expected to play a pivotal role in shaping the future of India's capital market. (With inputs from agencies) WATCH WION LIVE HERE

Firms can now list directly on IFSC exchanges to access global capital

Former Pakistan Prime Minister Imran Khan is likely to be arrested in the foreign funding case, media reports claimed on Friday. ARY reported that the Pakistan Tehreek-e-Insaf (PTI) Chairman, along with other members Tariq Shafi, Hamid Zaman and Saif Niazi, were likely to get arrested on the same day.

The decision was taken by Interior Minister Rana Sanaullah on Thursday, ARY further reported.

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Sanaullah said that the PTI leaders were not appearing properly in front of the Federal Investigation Agency in the funding case and as a result, the government will have to step up their measures.

The Dawn newspaper had earlier reported that Imran Khan can be put under house arrest at the Banigala residence after he announced a long march in protest of the current government.

The 'Haqeeqi Azadi March' in Islamabad is a significant move by Imran Khan and the government has said that they will be deploying the military to control the situation in case of a rally.

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"After Shehbaz Sharif's press conference yesterday and the subsequent arrests of Tariq Shafi, Hamid Zaman and Saif Niazi, it is clear that the government is panicking and is scared after the announcement of 'Azadi March'," PTI leader Chaudhry Fawad Hussain tweeted.

Earlier, the FIA Cybercrime wing took PTI leader Saifullah Niazi into custody on allegations of running an “unauthorised” website which was used to raise funds illegally for the police party.

The country of Pakistan has been experiencing a lot of turmoil in the recent past with the economy taking a massive hit and the opposition embroiled in a controversy regarding illegal foreign funding.

Former Pakistan Prime Minister Imran Khan is likely to be arrested in the foreign funding case, media reports claimed on Friday. ARY reported that the Pakistan Tehreek-e-Insaf (PTI) Chairman, along with other members Tariq Shafi, Hamid Zaman and Saif Niazi, were likely to get arrested on the same day.

Former Pakistan Prime Minister Imran Khan is likely to be arrested in the foreign funding case, media reports claimed on Friday. ARY reported that the Pakistan Tehreek-e-Insaf (PTI) Chairman, along with other members Tariq Shafi, Hamid Zaman and Saif Niazi, were likely to get arrested on the same day. The decision was taken by Interior Minister Rana Sanaullah on Thursday, ARY further reported. Also read | Meta warns one million users about potential data leak through malicious apps Sanaullah said that the PTI leaders were not appearing properly in front of the Federal Investigation Agency in the funding case and as a result, the government will have to step up their measures. The Dawn newspaper had earlier reported that Imran Khan can be put under house arrest at the Banigala residence after he announced a long march in protest of the current government. The 'Haqeeqi Azadi March' in Islamabad is a significant move by Imran Khan and the government has said that they will be deploying the military to control the situation in case of a rally. Also read | Russian court orders seizure of rights group Memorial's headquarters in Moscow "After Shehbaz Sharif's press conference yesterday and the subsequent arrests of Tariq Shafi, Hamid Zaman and Saif Niazi, it is clear that the government is panicking and is scared after the announcement of 'Azadi March'," PTI leader Chaudhry Fawad Hussain tweeted. Earlier, the FIA Cybercrime wing took PTI leader Saifullah Niazi into custody on allegations of running an “unauthorised” website which was used to raise funds illegally for the police party. The country of Pakistan has been experiencing a lot of turmoil in the recent past with the economy taking a massive hit and the opposition embroiled in a controversy regarding illegal foreign funding.

Pakistan's Imran Khan likely to be arrested in foreign funding case

The Election Commission of Pakistan (ECP) has ordered the declassification of key documents linked to the foreign funding case against the ruling Pakistan Tehreek-i-Insaf (PTI).

PTI Foreign Funding Fraud: No part of committee report must remain confidential, says ECP Chief

The Pakistan government is under fire once again. This time it is about concealing his party's foreign funding from the election commission. According to a damning media report, the PTI and staff party under reported an amount of 312 million Pakistani rupees.

Pakistan: Imran Khan's Party ‘Concealed Foreign Funding,’ claims Election Commission

Foreign funding in educational institutions has triggered a storm in the US. Many governments are pumping money in foreign universities to push their agendas. WION's Palki Sharma tells you why India should take note.

Gravitas: Foreign funding to influence universities?

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