Breaking News International News National News Science & Technology


NEW DELHI, Jun. 10, 2023 (TBINN)

Enforcement Directorate (E.D.) said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B. Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5, 551 crore.

The Adjudicating Authority (of the Foreign Exchange Management Act) has issued notices to Xiaomi Technology India Private Limited, the two executives, the CITIbank, the HSBC bank and the Deutsche Bank AG under section 16 of the F.E.M.A., the federal agency said.

A show-cause notice is issued after the completion of a F.E.M.A.-probe and once it is settled, the accused may have to pay a penalty that could be three times the amount contravened.

About the author

The Bharat India

TheBharat-A Media Initiative of ITM is India's Best Hindi /English News Channel.TheBharat-A Media Initiative of ITM News Channel Covers The Latest News, Breaking News, Politics, Entertainment News, Business News and Sports News. Stay tuned for all the News in Hindi/English.

Add Comment

Click here to post a comment