(a) whether recently the 18 Multi-National Companies
have been found accused of violation of foreign exchange
regulations involving over Rs.170 crore;
(b) if so, the details of such MNCs; and
(c) the action the Government has taken against those MNCs?
MINISTER OF STATE IN THE MINISTRY OF FINANCE AND COMPANY AFFAIRS(SHRI GINGEE N. RAMACHANDRAN)
(a) After investigation under the provisions of the Foreign
Exchange Regulation Act (FERA), 1973, eighteen multinational
companies were found to have paid salaries/ perquisites abroad
to their employees (foreign nationals) working in India, without
obtaining the necessary permission of the Reserve Bank of India.
(b) The details are given in the Annexure to this reply.
(c) Action under the provisions of the FERA, 1973 has been
taken by the Directorate of Enforcement and adjudication
proceedings have been initiated accordingly.
ANNEXURE
Names of Multi-National Companies to which
Show Cause Notice (s) have been issued under the
provisions of the Foreign Exchange Regulation Act, 1973
S.NO.NAME OF MULTI-NATIONAL COMPANIES AMOUNT INVOLVED (RS. IN LAKHS)
1 M/s. Japan Airlines,New Delhi 103.47 2 M/s. Hyundai Motor (I) Ltd.,New Delhi 804.50 3 M/s. Samsung Corporation,New Delhi 2403.93 4 M/s. Merubeni (I) Pvt. Ltd.,New Delhi 983.72 5 M/s. Bank of Tokyo Mitsubishi Ltd.New Delhi 2043.19 6 M/s. Motorola (I) Ltd.,Gurgaon 557.67
7M/s. Mitsubishi Corporation,New Delhi 2052.92 8 M/s. Sanwa Bank Ltd. (UFJ Bank Ltd.),Delhi 260.04 9 M/s. Bank of Nova Scotia, New Delhi 42.31 10 M/s. LG Electronics,New Delhi 80.63 11 M/s. Sony (I) Ltd., New Delhi J. YEN – 574963183 12 M/s. Deutsche Bank, New Delhi 1343.42 13 M/s. Sakura Bank, New Delhi J. YEN – 40978509 14 M/s. All Nippon Airways,New Delhi 147.33 15 M/s. Nokia Telecommunications,New Delhi 1086.02 16 M/s. Ericsson (I) Pvt. Ltd.,New Delhi 3546.05 17 M/s. Daewoo Motors, New Delhi 266.68 18 M/s. Fuji Bank Ltd., New Delhi 280.88