India’s Enforcement Directorate (ED) today announced that it has seized Rs.5551.27 Crore worth from Xiaomi India’s bank accounts over Foreign Exchange Management Act (FEMA) in connection with the illegal outward remittances made by the company. The ED said that the amount remitted to other two US-based unrelated entities were also for the ultimate benefit of … Continue reading "Xiaomi India says royalty payments for IPs are legit after ED seizes Rs. 5,551 crore under FEMA"
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