3 Banks Served ED Notice for FEMA: Xiaomi India Officials

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VIVO v29 lite Specification: Amazing Detailed Review

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3 Banks Served ED Notice for FEMA: Xiaomi India Officials

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The Enforcement Directorate (ED) has issued a show-cause notice to Xiaomi India CFO Manu Jain and former MD Sameer B.S. Rao for alleged FEMA violations worth Rs 5,551 crore.

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The ED has alleged that Xiaomi India illegally transferred funds to three foreign entities, including one Xiaomi Group entity, "in the guise of royalty payments".

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Xiaomi India has denied any wrongdoing and said it is committed to following all Indian laws.

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The ED has asked Xiaomi India to reply to the show-cause notice within 30 days.

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If Xiaomi India fails to reply to the show-cause notice or fails to satisfy the ED, the agency could take further action, including attachment of assets.

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The ED's action comes at a time when India is engaged in a trade war with China.

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India has banned more than 300 Chinese apps since June 2020, citing national security concerns.

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The ED's action against Xiaomi India is likely to further strain relations between India and China.

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The case is being investigated by the ED's Delhi zonal office.

VIVO v29 lite Specification: Amazing Detailed Review

VIVO v29 lite Specification: Amazing Detailed Review

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