ED Vs Xiaomi

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ED Seizes Rs 5,551.27 Crore From Xiaomi India

The Enforcement Directorate (ED) on September 30, seized Rs 5,551.27 crore from Xiaomi Technology India Pvt Ltd, confirmed authority appointed under Section 37A of the Foreign Exchange Management Act (FEMA). This is considered as the highest amount of seizure by the authority till date. The authority stated that the amount gets transferred out of India by Xiaomi in an unauthorised manner. 

Sat, 01 Oct 2022 - 09:59 AM / by Shibu Immanuel S

Tags: ED, Xiaomi India, Foreign Exchange Management Act, Chinese Companies, business

Courtesy: ANI