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Google asked to explain funds transfer

ED had asked the internet giant to explain how it carries out transfer of funds to foreign countries, including Ireland.

Published: 11th February 2012 01:57 AM  |   Last Updated: 16th May 2012 05:54 PM   |  A+A-

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ED alleged that GIPL and GIL signed a ‘contract’ for money transfers and investments between each other’s companies. (File Photo/PTI)

NEW DELHI: Google India Private Limited (GIPL) and Google Ireland Limited (GIL) had signed a ‘contract’ for money transfers and investments between each other’s companies, the Enforcement Directorate (ED) alleged in its notice to GIPL last week. In the notice, the ED had asked the internet giant to explain how it carries out transfer of funds to foreign countries, including Ireland. It also wanted to know how it receives similar investments from foreign shores in contravention and without the RBI’s permission. The ED has also sought clarifications over taxes paid by GIPL to the government as there is a dispute over the matter with the I-T department.

A GIPL spokesperson, however, said they had still not received the ED’s notice. However, the spokesperson said: “We have an obligation to our shareholders to set up a tax-efficient structure and our present structure is compliant with the tax rules in all the countries where we operate.”



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