November 04, 2024 23:50 (IST)
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Xiaomi's Rs 5,551 seizure by ED upheld by India's top forex authority

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

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.