To date this is India's biggest seizure order under the Foreign Exchange Management Act (FEMA). The ED seized Xiaomi's assets over allegations of making illegal payments to parties outside India in the guise of royalties.
"The FEMA authority, while confirming the seizure of ₹5,551.27 crore, held that the ED was right in holding that foreign exchange equivalent to the amount had been transferred out of India by Xiaomi India in an unauthorised manner' and was held outside India on behalf of the group entity in contravention of Section 4 of the FEMA," the ED stated on Friday.
FEMA, which checks foreign exchange violations, requires that the appeals against seizure orders be heard only by an authority appointed by the Centre.
هذه القصة مأخوذة من طبعة October 01, 2022 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة October 01, 2022 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
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