Xiaomi's 5,551 Crores Seizure, India's Biggest, Okayed By Forex Authority
NDTV
The Enforcement Directorate, or ED, seized Rs 5,551 crore of Xiaomi Technology India Pvt Ltd in April, the biggest seizure of funds in the country till date
India's foreign exchange authority has confirmed the seizure of Chinese phone maker Xiaomi's Rs 5,551 crore for allegedly sending money abroad, the country's top anti-money laundering body said in a statement today.
The Enforcement Directorate, or ED, seized Rs 5,551 crore of Xiaomi Technology India Pvt Ltd in April, the biggest seizure of funds in the country till date.
Now, the authority under the Foreign Exchange Management Act, or FEMA, has confirmed that ED was right in seizing Xiaomi's funds, which the Chinese firm allegedly transferred out of India illegally, the probe agency said in a statement today.
FEMA is India's rulebook that guides all foreign exchange transactions.
