Enforcement Directorate Notice: The Enforcement Directorate (ED) has booked Chinese mobile phone maker Xiaomi, its Chief Financial Officer (CFO) and Director Sameer B Rao, former Managing Director (MD) Manu Kumar Jain and three foreign banks in a foreign exchange law violation case of over Rs 5,551 crore. Show cause notice has been sent to
Action taken under this section of FEMA
The Financial Investigation Agency has given this information in a statement on Friday. Accordingly, the Adjudicating Authority of Foreign Exchange Management Act (FEMA) has sent notices under Section 16 of FEMA to Xiaomi Technology India Private Limited, two of its officers, Citibank, HSBC Bank and Deutsche Bank AG.
ED had taken a big step earlier also
A show cause notice is issued after the investigation of a FEMA case is completed and when the case is disposed of, the accused may have to pay a fine of up to three times the amount of the contravention. The investigating agency said that along with Xiaomi, this notice has also been sent to Jain and Rao. The ED had earlier attached Rs 5,551.27 crore deposited in the bank accounts of Xiaomi Technology India Pvt Ltd in connection with illegal remittances.
3 foreign banks including Xiaomi also got notice
ED has sent notices to Chinese mobile company Xiaomi and 3 foreign banks seeking account of Rs 5,551 crore. The Enforcement Directorate said on Friday, June 9, that it has issued show-cause notices to Chinese mobile company Xiaomi, its Chief Financial Officer and Director Sameer Rao, former Managing Director Manu Jain and three foreign banks. This notice has been issued regarding the alleged foreign exchange violation of Rs 5,551 crore.
ED gave more information
The Enforcement Directorate has said that Xiaomi India was sending money to its parent company from the year 2015 and in the investigation of the case, it has been found that Xiaomi India started sending this money only a year after it started working in India from the year 2014. Had done it.
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