Xiaomi India Officials, 3 Banks Served ED Notice for FEMA Violation

Xiaomi India Officials, 3 Banks Served ED Notice for FEMA Violation

ByNews Polite

Xiaomi India CFO Sameer Rao, former MD Manu Jain and three banks are said to have received show-cause notice from the Enforcement Directorate (ED). According to an official, the ED has served show-cause notice for FEMA violation of over Rs. 5,551 crore.  The Enforcement Directorate (ED) on Friday confirmed in…

Xiaomi India Dismisses Speculation on India Operations Being Moved to Pakistan as ‘False and Baseless’

Xiaomi India Dismisses Speculation on India Operations Being Moved to Pakistan as ‘False and Baseless’

ByNews Polite

Xiaomi on Friday dismissed speculation that the company might move its operations from India to Pakistan. The company responded to a tweet from a portal on Twitter that claimed the Chinese smartphone manufacturer might shift operations after its funds were frozed by authorities in India over alleged violation of the Foreign…

ED Seizes Rs. 5,551 Crore Worth of Deposits of Xiaomi India Under FEMA

ED Seizes Rs. 5,551 Crore Worth of Deposits of Xiaomi India Under FEMA

ByNews Polite

The competent authority under the Foreign Exchange Management Act (FEMA) has approved an order of seizure of over Rs. 5,551 crore worth of deposits of Chinese mobile phone manufacturer Xiaomi, the highest amount frozen till date in India, the ED said on Friday. The Enforcement Directorate (ED) had issued the…

ED Probing WazirX in 2 Cases, Transactions With Binance ‘Cloaked in Mystery’, Says MoS Finance

ED Probing WazirX in 2 Cases, Transactions With Binance ‘Cloaked in Mystery’, Says MoS Finance

ByNews Polite

Minister of State for Finance Pankaj Chaudhary on Tuesday said the Enforcement Directorate is probing alleged money laundering of Rs 2,790 crore through crypto exchange WazirX. The ED is investigating two cases related to cryptocurrency against WazirX under the provisions of Foreign Exchange Management Act, 1999 (FEMA), he said in a…