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Foreign exchange equivalent to Rs 5,551.27 crore has been transferred out of India in an unauthorised manner by Xiaomi India, according to the authority, , enforcement directorate, FEMA Violation, Xiaomi India
Get latest articles and stories on India at LatestLY. The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to Chinese mobile manufacturer Xiaomi, its chief financial officer and director Sameer Rao, former MD Manu Jain and three foreign banks for alleged foreign exchange violation of more than Rs 5,551 crore. India News | Rs 5,551-crore FEMA Violation: ED Issues Show-cause Notices to Xiaomi, 2 Senior Executives, 3 Foreign Banks.
New Delhi: Enforcement Directorate (ED) on Friday issued showcause notices to Chinese mobile manufacturer Xiaomi and three banks for alleged foreign exchange violation of Rs 5,551.27 crore.
The federal probe agency had seized Rs 5,551.27 crore worth of funds of Xiaomi Technology India Private Limited lying in its bank accounts under the FEMA for "unauthorised" remittance of this amount in guise of royalty abroad
The ED has issued a show cause notice to Xiaomi in connection with a probe involving making alleged illegal remittances.