The Enforcement Directorate (ED) has issued show-cause notices to Xiaomi India CFO Sameer Rao, former MD Manu Jain, and three foreign banks for allegedly violating Foreign Exchange Management Act (FEMA) regulations worth over Rs. 5,551 crore. The ED confirmed the notices on Twitter and stated that the adjudicating authority has sent the notices to Xiaomi Technology India Private Limited, its officials, and three banks based on a complaint made by the ED regarding unauthorized remittances. The agency had seized Xiaomi’s bank accounts for “unauthorized” remittance of funds in guise of royalty abroad. Under FEMA, a show-cause notice is issued after the completion of the ED investigation, and an accused is required to pay penalty once it is settled.
These developments come as Xiaomi launched its camera-focused Xiaomi 13 Ultra smartphone, and Apple opened its first stores in India. In the latest episode of Orbital, the Gadgets 360 podcast, we discuss these developments, smartphone-related rumors, and more. You can listen to Orbital on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music, and wherever you get your podcasts. Please note that affiliate links may be automatically generated, and you can refer to our ethics statement for details.
Denial of responsibility! TechCodex is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Alex Smith is a writer and editor with over 10 years of experience. He has written extensively on a variety of topics, including technology, business, and personal finance. His work has been published in a number of magazines and newspapers, and he is also the author of two books. Alex is passionate about helping people learn and grow, and he believes that writing is a powerful tool for communication and understanding.
