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Xiaomi India
Lead Online Desk : Xiaomi India : ED (Enforcement Directorate) Xiaomi India Notice has been sent to two officials of this mobile manufacturing company. ED has issued show cause notices to two officials of the company. The ED has sought an accounting of over Rs 5,551 crore through a notice. This notice has been issued regarding the violation of the Foreign Exchange Management Act.
The notices have been sent to the company’s Chief Financial Officer (CFO) and Director Sameer B Rao, former Managing Director (MD) Manu Kumar Jain. Apart from this, ED has also sent notices to three foreign banks. These include Citibank, HSBC Bank and Deutsche Bank AG. Xiaomi India
A show cause notice is issued after the investigation of a FEMA case is completed and when the case is disposed of, the accused has to pay a fine up to three times the amount of the violation. The investigating agency said that along with Xiaomi, Jain and Rao have also been sent this notice. The ED had earlier seized Rs 5,551.27 crore deposited in Xiaomi Technology India Pvt Ltd’s bank account for illegal remittances.
Xiaomi India: Information given by ED
ED gave an official information about sending notice to Xiaomi India on Friday. The ED said that Xiaomi India had been sending money to its Chinese parent company since 2015. Investigations into the matter have found that Xiaomi India started making these remittances in 2014, only a year after it started operations in India.
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