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- Ed imposed a Fine of ₹ 3.44 Crore on BBC India; Action also taken against three directors; Accused of Violating FDI Rules
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The Enforcement Directorate (ED) has imposed a fine of Rs 3.44 crore on BBC World Service India for violating foreign direct investment (FDI) rules. The ED has also imposed a fine of more than Rs 1.14 crore on its three directors. This order was issued under the Indian Foreign Exchange Management Act (FEMA).
According to the Economics Times report, BBC World Service India is a 100% FDI company. BBC is Digital News Media, but the company retained FDI 100%. Whereas under the order issued by the government in 2019, the FDI limit in digital media was fixed at 26 percent, which the company ignored.
The ED issued a show-cose notice on 4 August 2023 to the BBC World Service India, its three directors and the finance head.
The total fine on BBC World Service India has been imposed for Rs 3,44,48,850. In addition, a fine of Rs 5,000 has also been imposed for every day after 15 October 2021 for violating the provisions of FEMA 1999, unless the company follows the rules.
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