@the_news_21
Funds worth over Rs 5,551 crore of Chinese mobile manufacturing company Xiaomi India have been “seized” for violating the Indian foreign exchange law, the Enforcement Directorate said on Saturday.
The action has been taken against Xiaomi Technology India Private Limited. The company (also called Xiaomi India) is a trader and distributor of mobile phones in the country under the brand name of MI.
“Xiaomi India is wholly owned subsidiary of China-based Xiaomi group. This amount of Rs 5,551.27 crore lying in the bank accounts of the company has been seized by the Enforcement Directorate,” the agency said in a statement.
The seizure of funds has been done under relevant sections of the Foreign Exchange Management Act (FEMA) after a probe was launched by the federal agency against the company in connection with alleged “illegal remittances” sent abroad by the Chinese firm in February.
Xiaomi started its operations in India in 2014 and started remitting the money from the next year, it said.
“The company has remitted foreign currency equivalent to Rs 5,551.27 crore to three foreign based entities which include one Xiaomi group entity, in the guise of royalty,” the ED said.
Such huge amounts in the name of royalties were remitted on the instructions of their Chinese “parent group” entities, it alleged.
“The amount remitted to other two US-based unrelated entities were also for the ultimate benefit of the Xiaomi group entities,” the ED said.
It said while Xiaomi India procures completely manufactured mobile sets and other products from the manufacturers in India it has not availed any service from these three foreign based entities to whom such amounts have been transferred.
“Under the cover of various unrelated documentary facade created amongst the group entities, the company remitted this amount in guise of royalty abroad which constitute violation of section 4 of the FEMA,” it said.
The said section of the civil law of FEMA talks about “holding of foreign exchange.” The ED also accused the company of providing “misleading information” to the banks while remitting the money abroad.
Earlier this month, the ED had also questioned the global vice president of the group, Manu Kumar Jain, at the agency’s regional office in Bengaluru, Karnataka.
where can i buy generic clomid without dr prescription how to buy cheap clomiphene withou where to get clomiphene price clomiphene contraindications generic clomiphene pill can you get cheap clomid pills where buy cheap clomid no prescription
The thoroughness in this break down is noteworthy.
I am in truth delighted to glance at this blog posts which consists of tons of profitable facts, thanks object of providing such data.
azithromycin 250mg over the counter – buy generic zithromax online order flagyl pill
semaglutide buy online – order generic rybelsus periactin 4 mg cheap
oral domperidone 10mg – order flexeril generic order cyclobenzaprine without prescription
generic esomeprazole – anexamate buy nexium 20mg pill
medex buy online – https://coumamide.com/ purchase losartan
generic mobic 7.5mg – mobo sin meloxicam order
order prednisone 40mg sale – adrenal deltasone for sale
buy ed pills canada – erectile dysfunction pills over the counter hims ed pills
cheap amoxicillin generic – cheap amoxil amoxicillin tablet
forcan online order – https://gpdifluca.com/# forcan price
cenforce without prescription – https://cenforcers.com/# cenforce 50mg usa
how much does cialis cost per pill – cialis black review order cialis soft tabs
canada pharmacy cialis – https://strongtadafl.com/# is there a generic cialis available
buy ranitidine – ranitidine 150mg without prescription cheap ranitidine 150mg
The thoroughness in this break down is noteworthy. este sitio
More content pieces like this would urge the интернет better. prednisone online buy
The sagacity in this ruined is exceptional. https://ursxdol.com/cialis-tadalafil-20/
Greetings! Jolly serviceable suggestion within this article! It’s the crumb changes which will turn the largest changes. Thanks a lot towards sharing! https://ondactone.com/product/domperidone/
Thanks for putting this up. It’s well done.
tetracycline oral
This is the type of advise I recoup helpful. https://maps.google.bf/url?sa=t&url=https://www.storeboard.com/xpregain
buy dapagliflozin sale – generic forxiga 10 mg buy forxiga 10 mg
purchase xenical – https://asacostat.com/ xenical canada
You can shelter yourself and your dearest by being wary when buying prescription online. Some pharmacopoeia websites manipulate legally and sell convenience, reclusion, bring in savings and safeguards over the extent of purchasing medicines. buy in TerbinaPharmacy https://terbinafines.com/product/norvasc.html norvasc
The thoroughness in this break down is noteworthy. stromectol gale
Greetings! Extremely productive advice within this article! It’s the petty changes which choice espy the largest changes. Thanks a lot towards sharing!
kuwin sở hữu kho game đa dạng từ slot đến trò chơi bài đổi thưởng, mang đến cho bạn những giây phút giải trí tuyệt vời.
Tham gia cộng đồng game thủ tại Go88 để trải nghiệm các trò chơi bài, poker phổ biến nhất hiện nay.
Với giao diện mượt mà và ưu đãi hấp dẫn, MM88 là lựa chọn lý tưởng cho các tín đồ giải trí trực tuyến.