Due to Border Conflict... India Blocks Chinese TikTok Bank Accounts
[Asia Economy Reporter Yujin Cho] India, which is in conflict with China over border issues, has blocked the bank accounts of China's ByteDance in India, major foreign media reported on the 30th (local time).
According to reports, Indian authorities froze the Citibank and HSBC bank accounts of ByteDance, the operator of the mobile video platform TikTok, on charges of tax evasion.
After being notified of the ban on bank transactions, ByteDance stated, "We have fully complied with the law and do not agree with the decision of the Indian tax authorities," adding, "We will cooperate with the Indian government and undergo the (tax) investigation."
Sources said the order to freeze the bank accounts came after Indian tax authorities secured internal documents and conducted investigations of related parties during a raid on ByteDance's Indian office last year.
ByteDance's Indian subsidiary announced that its business activities in India have been completely halted due to this measure. The ByteDance India office opposed the Indian authorities' action, stating that it violates the principles of free trade and constitutes an infringement on business rights.
A representative of ByteDance India said, "The account freeze has caused difficulties in paying employee salaries and payments to partner companies."
Foreign media reported that this move by Indian authorities aligns with the broad sanctions imposed on Chinese companies following military clashes at the China-India border, which resulted in more than 20 Indian soldiers' deaths.
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Earlier, the Indian government banned over 200 Chinese apps starting from June last year, citing threats to its sovereignty and security. The banned apps include the video platform TikTok, social networking services such as WeChat and Weibo, Alibaba's e-commerce platform AliExpress, and the mobile game Battlegrounds. Since the ban, ByteDance has significantly reduced its local workforce in India by about 1,300 employees.
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