CHINA-INDIA: CHINESE COMPANY BYTEDANCE AWAITING INDIAN COURT'S DECISION WHICH WILL UNBLOCK ITS FUNDS

TikTok owner ByteDance Ltd. told Caixin (April 7) that an Indian court’s decision will “unblock” its money in the country as it awaits the outcome of a tax evasion probe following its argument that such a freeze was hurting its ability to operate locally. The company’s interpretation of the decision by the Mumbai High Court contrasted with a government source cited by Reuters, which said ByteDance would still be banned from using the funds for other purposes until the money is deposited into a state-owned bank. The Chinese short-video operator was previously ordered to deposit $11 million into a state bank, two months after its popular TikTok app was permanently banned in the country.





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