Xiaomi technology india pvt ltd. - Latest News Update, Information, Photos & Videos on Xiaomi technology india pvt ltd. at Lokmat Times

The Enforcement Directorate (ED) has seized Rs 5551.27 crore of Xiaomi Technology India Pvt Ltd-- a wholly-owned subsidiary of China-based Xiaomi group-- under the Foreign Exchange Management Act (FEMA) in connection with illegal remittances made by the firm in February this year, the agency said on Saturday.The seized amount of Rs 5551.27 crore is lying in the bank accounts of Xiaomi Technology India Pvt Ltd, which started its operations in India in 2014 and started remitting the money in 2015.The Company has remitted foreign currency equivalent to Rs 5551.27 crore to three foreign-based entities which include one Xiaomi group entity in the guise of Royalty, said the ED."Such huge amounts in the name of Royalties were remitted on the instructions of their Chinese parent group entities. The amount remitted to other two US-based unrelated entities were also for the ultimate benefit of the Xiaomi group entities," said the ED.Xiaomi India is a trader and distributor of mobile phones in India under the brand name MI. Xiaomi India procures the completely manufactured mobile sets and other products from the manufacturers in India."Xiaomi India has not availed any service from the three foreign-based entities to whom such amounts have been transferred. Under the cover of various unrelated documentary facade created amongst the group entities, the company remitted this amount in the guise of royalty abroad which constitutes a violation of Section 4 of the FEMA," said the federal agency.ED further added that Xiaomi India also provided misleading information to the banks while remitting the money abroad.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Xiaomi Technology India Pvt Ltd.FOLLOW

Xiaomi technology india pvt ltd., Latest News

National :ED denies Xiaomi's allegations of coercion as 'untrue', 'baseless'

The Enforcement Directorate(ED) on Monday denied the allegations made by Xiaomi India stating that the statements of its officials were taken under coercion as untrue and baseless. ...

Business :Working closely with govt to clarify 'misunderstandings', says Xiaomi as ED seizes Rs 5,551 cr assets

Reacting to the Enforcement Directorate (ED) crackdown and seizure of Rs 5,551.27 crore assets in India, Chinese telecom firm Xiaomi on Saturday said it is committed to working closely with the government authorities to clarify any "misunderstandings ...

National :ED attaches Rs 5551.27 cr of Xiaomi Technology India Pvt Ltd under Foreign Exchange Management Act

The Enforcement Directorate (ED) has seized Rs 5551.27 crore of Xiaomi Technology India Pvt Ltd-- a wholly-owned subsidiary of China-based Xiaomi group-- under the Foreign Exchange Management Act (FEMA) in connection with illegal remittances made by ...