Enforcement Directorate (ED) has seized over five thousand five hundred and fifty-one crore rupees of Xiaomi Technology India Private Limited under the provisions of the Foreign Exchange Management Act. Xiaomi India is wholly owned subsidiary of China-based Xiaomi group.<br />'' <br />'' ED had initiated investigation in connection with the illegal remittances made by the company in the month of February this year. Xiaomi India is a trader and distributor of mobile phones in India under the brand name of MI. Xiaomi India procures completely manufactured mobile sets and other products from the manufacturers in India.&nbsp;
News On AIR | May 1, 2022 8:11 AM
ED seizes over Rs 5,000 crore of Xiaomi Technology India under provisions of FEMA