ED Vs Xiaomi

Photo: Hindustan

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


Photo: India.com

Flipkart May Face $1.35 Billion Penalty Over Violating Forex Norms

Walmart-owned Flipkart is alleged of hoodwinking foreign exchange laws and giving preferential treatment to select sellers by Enforcement Directorate (ED) today, Reportedly, it may have to pay a fine of $1.35 Billion. An ED official said, Flipkart attracted foreign investment and a related party, then sold goods on its shopping website which is against laws. Flipkart's spokesperson defended the company by saying "It complies with Indian rules… read-more

Thu, 05 Aug 2021 - 05:58 PM / by Prerna

Tags: Flipkart, Walmart India, Foreign Exchange Management Act, online shopping

Courtesy: India Today

Yami Gautam

Photo: The Times of India

ED Summons Yami Gautam For Alleged Violation Of Forex Laws

The Enforcement Directorate in Mumbai summoned actress Yami Gautam for questioning in an alleged money laundering case on June 30. The agency discovered Rs 1.5 crore worth of foreign exchange transactions in her bank account which is being investigated under the civil proceedings of the Foreign Exchange Management Act, according to sources. Reportedly, the 32-year-old actor had previously been summoned as well for which she could not attest… read-more

Fri, 02 Jul 2021 - 05:25 PM / by Aditi Chavan

Tags: Yami Gautam, Enforcement Directorate, Foreign Exchange Management Act, Violation

Courtesy: NDTV