The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore.
The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore.
Get latest articles and stories on India at LatestLY. The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to Chinese mobile manufacturer Xiaomi, its chief financial officer and director Sameer Rao, former MD Manu Jain and three foreign banks for alleged foreign exchange violation of more than Rs 5,551 crore. India News | Rs 5,551-crore FEMA Violation: ED Issues Show-cause Notices to Xiaomi, 2 Senior Executives, 3 Foreign Banks.
Earlier, the ED had seized Rs 5551.27 crore lying in Xiaomi India s bank accounts under the provisions of FEMA for the unauthorised remittance of an equivalent amount abroad by the company.