Xiaomi India faces regulatory scrutiny over alleged Rs. 5,551 crore FEMA violation
June 10, 2023
The Enforcement Directorate (ED) has slapped Xiaomi, the China-based mobile manufacturer, along with its top executives and three foreign banks, with show-cause notices over alleged violations of foreign exchange rules. The infractions total over Rs. 5,551 crore. The enforcement agency, operating under the Foreign Exchange Management Act (FEMA), seized Rs....
Read More