Nokia, Sony and Ericsson are among 11 multinational
corporations facing a total Rs 36.12 crore in penalty
for violating foreign exchange regulations in the country.
The Appellete Tribunal for Foreign Exchange has, in
its ruling earlier last week, confirmed the penalty
imposed by the Enforcement Directorate (ED) on them,
official sources said.
companies penalisd on the ground of contravening the
provisions of section 8(1) of FERA, 1973.included Motorola
India (P) Ltd, Fuji Bank, Bank of Tokyo-Mistubishi Ltd,
Sumitomo Mitsui Banking Corporation and Deutche Bank
Act makes persons resident in India who have any amount
of foreign exchange due or accrued in their favour responsible
to get it realised and repatriated to the country within
the specific period and the manner specified by RBI.
Directorate of Enforcement has found the Indian arms
of these companies
violating foreign exchange companies in relation to
payment of salaries to their expatriate employees working
here in foreign currency.
was done without the permission of the Reserve Bank
of India and despite the various show-cause notices
issued by the ED