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FEMA authority confirms ED's seizure order of 5,551 crore rupees against Xiaomi

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The competent authority under the Foreign Exchange Management Act (FEMA) has approved an order of seizure of deposits worth over 5,551 crore rupees of Chinese mobile phone manufacturer Xiaomi by the Enforcement Directorate (ED). The ED charged the Chinese phone maker with remitting foreign currency equivalent to 5,551 crore rupees to three entities one Xiaomi Group company and two US-based unrelated entities in the guise of royalty.

The ED had first issued the order of seizure of these bank deposits on April 29 under the FEMA and later sent it for approval of the competent authority, as required under the law that regulates foreign exchange violations in the country. The competent authority appointed under section 37A of the FEMA has confirmed the seizure order. This is the highest amount of seizure orders in India which has been confirmed by the authority to date. (AIR NEWS)

66 Days ago