Xiaomi India faces regulatory scrutiny over alleged Rs. 5,551 crore FEMA violation
10 Jun 2023 01:36 AM IST
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.