A show-cause notice, issued upon the conclusion of a FEMA investigation, could lead to penalties that amount to three times the total contravention amount, once the case is settled.
Foreign exchange equivalent to Rs 5,551.27 crore has been transferred out of India in an unauthorised manner by Xiaomi India, according to the authority, , enforcement directorate, FEMA Violation, Xiaomi India
New Delhi: Enforcement Directorate (ED) on Friday issued showcause notices to Chinese mobile manufacturer Xiaomi and three banks for alleged foreign exchange violation of Rs 5,551.27 crore.
In a major relief to Xiaomi Technology India, the Karnataka High Court has quashed the Income Tax department's order of attaching Rs 3,700 crore fixed deposit amount in a tax evasion case against the company.In its recent order, the court has .
In its recent order, the court has restrained Xiaomi Technology from making any payments from Rs 3,700 crore FDs to firms outside India. It has also ordered the Income Tax department to complete draft assessment proceedings before March 31.A be