Xiaomi India, its officials, and three banks under FEMA have received a show-cause notice from Adjudicating Authority in India. This notice has been sent on the basis of a complaint filed by the Enforcement Directorate (ED) with respect to the illegal remittances made by the company to the tune of Rs 5551.27 crores, as reported by ANI. To recall, the Foreign Exchange Management Act (FEMA) confirmed the seizure of Rs 5,551.27 crore belonging to the Chinese mobile manufacturer in April last year. In its statement at the time, ED pointed out that it was the highest seizure order in India, which the Authority had confirmed to date.
The Adjudicating Authority has issued SCN to Xiaomi Technology India, its officials and 3 banks under FEMA on the basis of a complaint filed by the ED with respect to illegal remittances made by the company to the tune of Rs 5551.27 crores: ED pic.twitter.com/i5WibvWViW
— ANI (@ANI) June 9, 2023
