Xiaomi: A FOREIGN Exchange Management Act (FEMA) authority has acknowledged that the Enforcement Directorate (ED) in April of this year seized Rs 5,551.27 crore from Chinese cellphone company Xiaomi.
“The seizure order of Rs. 5551.27 crore…passed by the Directorate of Enforcement (ED) against Xiaomi Technology India Private Limited has been confirmed by the Competent Authority designated under Section 37A of FEMA… According to the Authority, this is India’s highest seizure order amount to date, according to a statement from the ED.
A Joint Secretary level employee is designated by the government as the Competent Authority to review the seizure orders issued by ED under Section 37A of the FEMA.
The ED claims that the authority determined that the ED is justified in keeping foreign currency worth Rs 5,551.27 crore that Xiaomi illegally transported outside of India.
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