The ED has confiscated over 5,500 crores from Chinese smartphone maker Xiaomi
Under the provisions of the Foreign Exchange Management Act, the Enforcement Directorate (ED) seized Rs 5,551.27 from Xiaomi India.
Under the terms of the Foreign Exchange Management Act (FEMA), 1999, the Enforcement Directorate (ED) has seized Rs 5,551.27 crore from Xiaomi India. Xiaomi India is a completely owned subsidiary of the Xiaomi Group, which is situated in China.
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The ED had opened a probe into the company’s unlawful remittances in February.
