The Enforcement Directorate (ED) has seized Rs 5,551.27 crore of smartphone giant Xiaomi India under the provisions of Foreign Exchange Management Act (FEMA), 1999. Xiaomi India is a wholly owned subsidiary of the China-based Xiaomi group.

The ED had initiated an investigation in connection with the illegal remittances made by the company in February this year.

According to the Enforcement Directorate, Xiaomi started its operations in India in 2014 and started remitting the money from 2015. The company has reportedly remitted foreign currency equivalent to INR 5551.27 crore to three foreign-based entities, which include one Xiaomi group entity, in the guise of royalty. Such huge amounts in the name of royalties were allegedly remitted on the instructions of their Chinese parent group entities. The amount remitted to two other US-based unrelated entities was also for the ultimate benefit of the Xiaomi group entities.

#Xiaomi #ED #EDHeatOnXiaomi #IndiaToday

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