The Enforcement Directorate has filed FEMA case against BBC. The broadcasting corporation had allegedly brought investment into India without proper FDI approval. The matter is under investigation by the central agency.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the Foreign Exchange Management Act (FEMA), news agency PTI quoted sources as saying.
The probe is essentially looking at purported foreign direct investment (FDI) violations by the company, they said. The move comes in the backdrop of the Income-Tax department surveying BBC office premises in Delhi in February.
The Central Board of Direct Taxes (CBDT), the administrative body for the I-T department, had then said the income and profits shown by various BBC group entities were “not commensurate” with the scale of their operations in India and tax has not been paid on certain remittances by its foreign entities.
FEMA is the Foreign Exchange Management Act which regulated the inflow and the outflow of foreign exchange.
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