HC Directs Google To Deposit Penalty For Flouting Forex Rules

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SUMMARY

The HC, in a judgement passed last month, directed the company and its three executives to deposit the penalties in the form of bank guarantees

The ED has accused Google India of flouting forex provisions for undertaking two transactions worth INR 363.79 Cr and INR 1.08 Cr with Google Ireland and Google US, respectively

The agency argued that the two transactions to distribute online ad space under the ‘Adwords Programme’ were categorised as commercial loans and required RBI’s…



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HC Directs Google To Deposit Penalty For Flouting Forex Rules


SUMMARY

The HC, in a judgement passed last month, directed the company and its three executives to deposit the penalties in the form of bank guarantees

The ED has accused Google India of flouting forex provisions for undertaking two transactions worth INR 363.79 Cr and INR 1.08 Cr with Google Ireland and Google US, respectively

The agency argued that the two transactions to distribute online ad space under the ‘Adwords Programme’ were categorised as commercial loans and required RBI’s…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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