ED Issues Notice To Xiaomi For Violations In Foreign Exchange Law

The Enforcement Directorate (ED) issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, Notably, Xiaomi's chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks were alleged for violations of the foreign exchange law to the tune of more than Rs 5,551 crores. The Adjudicating Authority (of the Foreign Exchange Management Act) has issued the notices to Xiaomi.