November 05, 2024 00:01 (IST)
Xiaomi's Rs 5,551 seizure by ED upheld by India's top forex authority
New Delhi: The seizure of Chinese phone maker Xiaomi's Rs 5,551 crore by the Enforcement Directorate (ED) for remitting money overseas as royalty has been confirmed by India's foreign exchange authority.
ED attaches Rs 5,551 cr of Chinese smartphone giant Xiaomi for forex violations
New Delhi: The Enforcement Directorate (ED) has seized Rs 5,551.27 crore of Xiaomi Technology India Pvt Ltd - a 'wholly-owned subsidiary of China-based Xiaomi group' under the provisions of the Foreign Exchange Management Act (FEMA), 1999.
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