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FEMA: ED seizes over Rs 5,000 crore of Xiaomi Technology India

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JNS: Under the Foreign Exchange Management Act, the Enforcement Directorate (ED) has confiscated approximately 5,551 crore rupees from Xiaomi Technology India Private Limited.

The ED had launched an investigation in connection with the company’s illegal remittances in February this year.

Xiaomi India is wholly owned subsidiary of China based Xiaomi group. Xiaomi India is a trader and distributor of mobile phones in India under the brand name of MI. Xiaomi India procures completely manufactured mobile sets and other products from the manufacturers in India.

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