The Enforcement Directorate (ED) right now stated it has seized Rs 5,551.27 crore assests of Chinese cellular
firm Xiaomi India.
ED seizes Xiaomi's Rs 5,551-cr Property
ED Seizes Xiaomi Assests- Under FEMA Act
It additional stated the funds had been seized underneath related Sections of FEMA after a probe was launched by the ED.
The corporate in reference to alleged “unlawful remittances” despatched overseas by the Chinese FIrm in February.
ED seizes Xiaomi Assests- Illegal Remittances
ED Seizes Xiaomi Assests- Money Sent to USA
The amounts remitted to different two US-based unrelated entities have been additionally advantage of the Xiaomi group.
The ED additionally accused the Xiaomi of offering “deceptive info” to banks whereas remitting the cash overseas.
ED seizes Xiaomi Assests- Misleading Info
ED Seizes Xiaomi Assests- Fund Transfers
Xiaomi has not availed any service from the three foreign-based entities, however sum had been transferred to them.
Xiaomi reacted by stating its operations are compliant with Indian laws, and it believes the royalty payments
ED seizes Xiaomi Assest- What Xiaomi Said
ED Seizes Xiaomi Assests- Indo-China brawl
The Indian government has been appearing robust in opposition to Chinese language corporations ever Indo-China border brawls.
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