In note H of GFA’s 2013 audited financial statement, GFA describes a $9 million transfer to India to take advantage of what is described as “favorable interest rates” (see the last paragraph in the image below).
The Indian FC-6 forms requires NGOs to report the amount of foreign contributions received and the amount of interest made on those contributions. It appears that GFA in India made about 6% on contributions in 2011-2012. According to the Bank of India, the benchmark interest rate peaked at 8.5% during the period.
While 6-8.5% sounds high compared to U.S. rates, the unfortunate thing about the move is the fact that Indian rupee continued to weaken. On August 15, 2011, one rupee was worth .02177 cents. By December, the rupee had declined to .01816. By August of 2012, the decline continued to .01796. The financial statement doesn’t say when the money was returned but even if it was January 2012 (.01889), GFA lost just over 13% due to currency devaluation.