Eighteen MNCs served notices for foreign exchange violation

By Our Economy Bureau | 07 Mar 2003

1

New Delhi: Eighteen multinational companies (MNCs), including Ericsson, Samsung, Sony, Nokia, Mitsubishi, Bank of Tokyo and Deutsche Bank, have been slapped show-cause notices for alleged violation of foreign exchange regulations involving over Rs 170 crore.

Other MNCs which were also issued show-cause notices for alleged violations are Japan Airlines, All Nippon Airlines, Hyundai Motor, Daewoo Motors, Motorola, LG Electronics, Sanwa Bank, Bank of Nova Scotia, Sakura Bank and Fuji Bank.

“After investigation under the provisions of the Foreign Exchange Regulation Act, 18 MNCs were found to have paid salaries and perks abroad to their employees working in India, without obtaining the necessary permission of the Reserve Bank of India,” say sources.

 

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