|| SHANIWAR SAMWAD || 8-1-2022

 The new year has started on a high note for the country. Which is and was not discussed in the media that FCRA accounts of NGOs had been frozen.

And tax evasion is detected in crypto exchanges with raids on them.

Sometime back we discussed his issue of cryptocurrency, as we have a lot of inquiries on the same.

As no identified entity should be held responsible for any misadventure or any other issues. All of us have greed, but one should hold it as it is better to settle for less than making risks without knowing the facts.

 We know that there is none to compliance these entities, as they do not fall in any sovern. How they work,

who controls them, the basis of pricing, all are opaque. Nobody knows these facts, all know one thing that price appreciation every day.

It is well-known fact that these are used to convert black money to white money, more also this money deployment is becoming hard in any country which is difficult due to compliance issues. 

The source of such money is untraceable,  maybe this money is generated from drugs or arms dealing or any other such illicit activity.

The exchanges which are dealing with it is also not sharing the correct information to its customer or stakeholders.   

Also, the exchanges are not paying GST which is not paid by them, all major banks have stopped dealing with them.

One should wait for direction from the government to clarify the compliances and regulatory authority on it.

There are lots of products that are giving reasonable returns along with full compliance.

Another issue that happened is many NGOs losing their FCRA licenses, which were used by other countries to stop the development work of our country with the help of their activism.

As compliances have been strictly followed which ensures the exact end use of funds.

Other works like conversion were done with the help of these contributions along with wasted interest fulfillment of organizers.

After restricting the administration expenses to about 20%, the end-use of the fund has to be declared and the purpose of its use.

Which made NGOs unviable business for many, now strict compliance on FCRA means foreign contribution declaration making them nervous.

If we see the compliance following the development work is not stalled by these NGOs which is saving many works go completed on time or before time or with a small delay.

Understand these with one example, we were self-reliant on copper production some time back but now we are importing copper from other countries. It is due to the closing of a copper manufacturing plant in Tamilnadu, which was closed by these NGOs activism without thinking consciences, with the help of the court.

As they do not have any solution for any problem but want to do the things as per their whim and fancy.

Hope all these with wasted interest work will stop for our betterment.