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Forex heat on 11 MNCs

New Delhi, July 28: Nokia, Motorola and Ericsson were among 11 multinational companies, whose Indian operations were found guilty by an appellate tribunal of violating a foreign exchange regulation.

In its ruling earlier last week, the Appellate Tribunal for Foreign Exchange confirmed a penalty of Rs 36.12 crore imposed by the enforcement directorate (ED) on them, official sources said.

While Ericsson India has been fined Rs 15 crore, Motorola India, Fuji Bank and Samsung have been fined Rs 1 crore each. Nokia and Sony have been fined Rs 5 crore each.

Nokia and Ericsson spokespersons refused to comment on the issue.

Sources said violation by the Indian arms of the foreign companies related to payment of salaries to their expatriate employees working here in foreign currency.

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