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Setback to Google India, Karnataka High Court directed to deposit 50% of the fine in FEMA violation case
Karnataka High Court: Google India and its officials have suffered a setback from the Karnataka High Court. The court has asked the company and its three senior officials to deposit 50 per cent of the fine imposed for alleged violation of the Foreign Exchange Management Act (FEMA) as a bank guarantee. What is the whole matter, let's know.
The Karnataka High Court has asked Google India and its three senior officials to deposit 50% of the fine imposed for alleged violation of the Foreign Exchange Management Act (FEMA) as a bank guarantee.
Earlier, the Enforcement Directorate (ED) had imposed a fine of Rs 5 crore on Google India and a joint fine of Rs 45 lakh on the three officials. The case is related to an alleged violation of Section 6(3)(D) of FEMA and involves transactions worth about Rs 364 crore.
According to the ED, payments made by Google India to Google Ireland as distributor fees and equipment acquisition from Google US have been tampered with.
The agency contended that Rs 363 crore due to Google Ireland was not paid for over four years till May 2014, while equipment worth Rs 1 crore received from Google US was not paid for over seven years till January 2014.
