Enforcement Directorate approves seizure of Xiaomi's asset worth ₹5,551.27 crore

• 01-Oct-2022
• 643

The competent authority approved the seizure order issued by the Enforcement Directorate against Xiaomi Technology India Private Limited for ₹5,551.27 crore on Friday.The chief customs official, Chennai was appointed as the competent authority under Section 37A of the Foreign Exchange Management Act (FEMA) ED in a press release said, "The Competent Authority appointed under Section 37A of the Foreign Exchange Management Act has confirmed the seizure order of Rs. 5551.27 Crore dated 29.04.2022 passed by the Directorate of Enforcement (ED) against Xiaomi Technology India Private Limited under the provisions of FEMA It added"The Authority while confirming the seizure of Rs. 5551.27 Crore, held that ED is right in holding foreign exchange equivalent to INR 5551.27 Crore has been transferred out of India by the Xiaomi India in an unauthorised manner and is held outside India on behalf of the group entity is in contravention of Section 4 of the Foreign Exchange Management Act, 1999 and the same is liable to be seized in terms of provisions of Section 37A of the FEMA