Published 2 years ago

FEMA authority approves India’s biggest seizure order against Chinese mobile company Xiaomi: ED

Summary by Ground News

The Enforcement Directorate (ED) had first issued the order of seizure of these bank deposits on April 29. The agency charged the popular Chinese phone maker with remitting foreign currency equivalent to Rs 5,551.27 crore to three entities in the guise of royalty. Xiaomi India is a trader and distributor of mobile phones in India under the brand name MI.

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Times of India

FEMA authority confirms India's highest seizure order of Rs 5551.27 crore against Xiaomi

The Authority, while confirming the seizure, held that the probe agency was right in holding the foreign exchange equivalent to Rs 5551.27 crore as Xiaomi India had transferred the same amount out of India in an unauthorised manner. It also observed that payment of royalty is nothing but a tool to transferring the foreign exchange out of India and the same is in blatant violation of provisions of FEMA.

2 years ago·India

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News18 India

FEMA Authority Approves India's Biggest Seizure Order Against Chinese Mobile Company Xiaomi: ED

ED had issued the order of seizure on April 29 under the FEMA and later sent it for approval of the competent authority

2 years ago·India

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The Hindu

Xiaomi India case: FEMA authority confirms ED’s seizure order of ₹5,551.27 crore

The agency said it was the highest ever seizure amount-related order confirmed till date

2 years ago·India

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NDTV

Xiaomi's 5,551 Crores Seizure, India's Biggest, Okayed By Forex Authority

India's foreign exchange authority has confirmed the seizure of Chinese phone maker Xiaomi's Rs 5,551 crore for allegedly sending money abroad, the country's top anti-money laundering body said in a statement today.

2 years ago·New Delhi, India

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Indian Express

FEMA authority approves India’s biggest seizure order against Chinese mobile company Xiaomi: ED

The Enforcement Directorate (ED) had issued the order of seizure on April 29 under the FEMA and later sent it for approval of the competent authority, as required under the law that regulates foreign exchange violations in the country.

2 years ago·India

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Moneycontrol

FEMA authority approves India's biggest fund seizure order of Rs 5,551 crore against Xiaomi: ED

The Enforcement Directorate (ED) had first issued the order of seizure of these bank deposits on April 29 under the FEMA and later sent it for approval of the competent authority, as required under the law that regulates foreign exchange violations in the country.

2 years ago·India

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FEMA authority approves India’s biggest seizure order against Chinese mobile company Xiaomi: ED

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FEMA authority confirms India's highest seizure order of Rs 5551.27 crore against Xiaomi

FEMA authority confirms India's highest seizure order of Rs 5551.27 crore against Xiaomi

FEMA Authority Approves India's Biggest Seizure Order Against Chinese Mobile Company Xiaomi: ED

FEMA Authority Approves India's Biggest Seizure Order Against Chinese Mobile Company Xiaomi: ED

Xiaomi India case: FEMA authority confirms ED’s seizure order of ₹5,551.27 crore

Xiaomi India case: FEMA authority confirms ED’s seizure order of ₹5,551.27 crore

Xiaomi's 5,551 Crores Seizure, India's Biggest, Okayed By Forex Authority

Xiaomi's 5,551 Crores Seizure, India's Biggest, Okayed By Forex Authority

FEMA authority approves India’s biggest seizure order against Chinese mobile company Xiaomi: ED

FEMA authority approves India’s biggest seizure order against Chinese mobile company Xiaomi: ED

FEMA authority approves India's biggest fund seizure order of Rs 5,551 crore against Xiaomi: ED

FEMA authority approves India's biggest fund seizure order of Rs 5,551 crore against Xiaomi: ED

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