Rs 42 crore fine on Nokia, Sony, others

As many as 15 multi-national firms like Nokia, Sony, Samsung and Ericsson have been found guilty of violating foreign exchange regulations and a penalty of over Rs 42 crore (Rs 420 million) has been imposed on them, the Lok Sabha was informed on Friday.

The Appellate Tribunal for Foreign Exchange has upheld adjudication orders involving penalties of Rs 36.12 crore (Rs 361.2 million) in appeals filed by 10 MNCs and employees of one MNC, Minister of State for Finance S S Palanimanickam said in a written reply.

The highest fine of Rs 15 crore (Rs 150 million) was slapped on Ericsson India.

A fine of Rs 5.5 crore (Rs 55 million)

was imposed on Bank of Tokyo Mitsubishi.

Electronic major Sony India and mobile handset manufacturer Nokia India have been asked to pay fine of Rs 5 crore each (Rs 50 million).

Most of the companies have paid part of the fine and and are in the process of paying the remaining part.

Besides, there are five other entities which have been found involved in violation of Foreign Exchange Regulation Act in similar matter, he said, adding the total penalty imposed on such companies was about Rs 7.6 crore (Rs 76 million). These include Mitsubishi Corporation, LG Electronics and Daewoo Motors, he said.