Stay updated with breaking news from Manu kumar jain. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The Enforcement Directorate (ED) on Friday said that the Adjudicating Authority has issued showcause notices to Xiaomi Technology India Private Limited, its officials and three banks under the relevant provision of the Foreign Exchange . ....
The Adjudicating Authority has issued show-cause notices to Xiaomi Technology India Private Limited, its officials and three banks under section 16 of the Foreign Exchange Management Act on the basis of a complaint filed by the Enforcement Directorate (ED) with respect to illegal remittances made by the company to the tune of Rs.5551.27 crore, an official statement said on Friday. ....
Under the FEMA, a show-cause notice is issued after the completion of the ED investigation and once it is settled, an accused is required to pay penalty ....
A show-cause notice, issued upon the conclusion of a FEMA investigation, could lead to penalties that amount to three times the total contravention amount, once the case is settled. ....
The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore. ....