ED files case against BBC India under FEMA for violating foreign exchange laws
Earlier, Income Tax dept had conducted searches in BBC offices in India over non compliance with transfer pricing rules and diversion of profits
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New Delhi, April 13: In a significant development, the Enforcement Directorate has filed a case against BBC India under Foreign Exchange Management Act (FEMA) for irregularities in foreign funding. This move comes after Income Tax conducted searches in BBC offices in India over non compliance with transfer pricing rules and diversion of profits
The action is taken to probe irregularities of foreign funding by BBC India, diversion of funds and violation of rules under the Foreign Exchange Management Act, 1999 (FEMA).
Enforcement Directorate has filed a case against BBC under Foreign Exchange Management Act for irregularities in foreign funding: ED pic.twitter.com/NSsv4zoZW5
— ANI (@ANI) April 13, 2023
Searches were conducted by Income Tax at the offices of the British broadcaster in New Delhi and Mumbai in February this year. The IT Dept had non compliance with transfer pricing rules and diversion of profits. The three-day-long investigation concerned international taxation and the suspected transfer of BBC revenues.
The survey was conducted as a result of BBC’s willful disregard for the Transfer Pricing Rules and its massive profit-diversion practices. Amid the survey, the liberals and opposition parties alleged that the Center had directed the raids after the media house published a documentary regarding PM Modi and the Gujarat riots 2002.
