Uncategories Rs 5,551-crore FEMA Violation: ED Issues Show-cause Notices to Xiaomi, 2 Senior Executives, 3 Foreign Banks

Rs 5,551-crore FEMA Violation: ED Issues Show-cause Notices to Xiaomi, 2 Senior Executives, 3 Foreign Banks

June 09, 2023

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

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