CHINA-INDIA: ENFORCEMENT DIRECTORATE SEIZES RS 5551 CRORES OF FUNDS FROM XIAOMI INDIA FOR FEMA VIOLATIONS
|
India's Enforcement Directorate announced on April 30 that it had "seized" funds worth over
Rs 5,551 crore of the Chinese mobile manufacturing company Xiaomi India for violating the
Indian foreign exchange law, FEMA. It said the action has been taken against Xiaomi
Technology India Private Limited. The company (also called Xiaomi India) is a trader and
distributor of mobile phones in the country under the brand name of MI. Its statement said:
“Xiaomi India is wholly owned subsidiary of China-based Xiaomi group. This amount of Rs
5,551.27 crore lying in the bank accounts of the company has been seized by the Enforcement
Directorate”.
|