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The adjudicating authority under the Foreign Exchange Management Act<\/a> has issued show-cause notices to Xiaomi Technology India Private Limited<\/a>, the two executives, CITI Bank, HSBC Bank and Deutsche Bank AG, the agency said in a statement.
The federal probe agency had seized Rs 5,551.27 crore worth of funds of Xiaomi Technology India Private Limited lying in its bank accounts under the FEMA for \"unauthorised\" remittance of this amount in guise of royalty abroad.
\"The competent authority, appointed under Section 37A of the FEMA, has confirmed the said seizure order.
\"The authority while confirming the seizure held that ED is right in holding that foreign exchange equivalent to Rs 5,551.27 crore has been transferred out of India by Xiaomi India<\/a> in an unauthorised manner and is held outside India on behalf of the group entity in contravention of section 4 of FEMA, 1999 and the same is liable to be seized in terms of provisions of Section 37A of the FEMA,\" it said.
Under the FEMA, a show-cause notice is issued after the completion of the ED investigation and once it is settled, an accused is required to pay penalty.<\/body>","next_sibling":[{"msid":100876557,"title":"OpenAI CEO encourages South Korea to supply chips in AI boom","entity_type":"ARTICLE","link":"\/news\/devices\/openai-ceo-encourages-south-korea-to-supply-chips-in-ai-boom\/100876557","category_name":null,"category_name_seo":"devices"}],"related_content":[],"msid":100882119,"entity_type":"ARTICLE","title":"Rs 5,551-crore FEMA violation: ED issues show-cause notices to Xiaomi, 2 senior executives, 3 foreign banks","synopsis":"\u200b\u200b The adjudicating authority under the Foreign Exchange Management Act has issued show-cause notices to Xiaomi Technology India Private Limited, the two executives, CITI Bank, HSBC Bank and Deutsche Bank AG, the agency said in a statement.","titleseo":"devices\/rs-5551-crore-fema-violation-ed-issues-show-cause-notices-to-xiaomi-2-senior-executives-3-foreign-banks","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":542,"shares":0,"engagementtimems":2576000},"Alttitle":{"minfo":""},"artag":"PTI","artdate":"2023-06-09 20:55:37","lastupd":"2023-06-09 20:57:09","breadcrumbTags":["Xiaomi","sameer rao","xiaomi technology india private limited","foreign exchange management act","Xiaomi smartphones","Xiaomi FEMA violation","technology news","Xiaomi India","Manu Jain"],"secinfo":{"seolocation":"devices\/rs-5551-crore-fema-violation-ed-issues-show-cause-notices-to-xiaomi-2-senior-executives-3-foreign-banks"}}" data-authors="[" "]" data-category-name="Devices" data-category_id="12" data-date="2023-06-09" data-index="article_1">
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价值5551卢比的违反联邦应急管理局:ED问题说出理由通知小米2高管3外资银行
评选机构根据《外汇管理法案》颁布了说出理由通知小米科技印度私人有限,两位高管,花旗银行,汇丰银行和德意志银行(Deutsche Bank AG),该机构在一份声明中说。
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评选部门外汇管理法案已经发布了说出理由通知小米科技印度私人有限公司两名高管,花旗银行、汇丰银行和德意志银行(Deutsche Bank AG),该机构在一份声明中说。
联邦调查署了5551 .27卢比价值基金的小米科技印度私人有限躺在其银行账户在联邦应急管理局“未经授权的”海外汇款的金额以皇室。
“主管机关任命,联邦应急管理局的部分37,已确认说没收秩序。
”的权威而确认没收认为ED在认为外汇相当于5551 .27卢比已经转移到印度小米印度以未经授权的方式和印度以外举行代表集团实体违反联邦应急管理局的第四节,1999年,也是容易被抓住的联邦应急管理局的规定部分37,”它说。
根据联邦应急管理局,说出理由通知ED调查完成后发出,一旦解决,指责是要求支付罚款。
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