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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
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.
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.
Earlier, the ED had seized Rs 5551.27 crore lying in Xiaomi India's bank accounts under the provisions of FEMA for the unauthorised remittance of an equivalent amount abroad by the company.
![ED issues showcause notice to Xiaomi over FEMA violation; what does it mean [details] - Vimarsana News](https://data1.ibtimes.co.in/en/full/666548/xiaomi.jpg)
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 Management Act (FEMA) on the basis of a complaint filed by the probe agency in connection with illegal remittances made by the company to the tune of Rs 5,551.27 crore.