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Friday, Dec 09, 2022

FEMA authority nod to Rs 5,551-cr Xiaomi fund seizure order: ED

Under Section 37A of FEMA, the government appoints a Joint Secretary level official as the Competent Authority to examine ED’s seizure orders.

The ED charged the Chinese phone maker with remitting foreign currency equivalent to Rs 5,551.27 crore to three entities -- one Xiaomi Group company and two US-based unrelated entities -- in the guise of royalty. (FILE)

A FOREIGN Exchange Management Act (FEMA) authority has confirmed seizure of Rs 5,551.27 crore belonging to Chinese mobile manufacturer Xiaomi made by the Enforcement Directorate (ED) in April this year.

“The Competent Authority appointed under Section 37A of FEMA has confirmed the seizure order of Rs 5551.27 crore …passed by the Directorate of Enforcement (ED) against Xiaomi Technology India Private Limited… This is the highest amount of seizure order in India which has been confirmed by the Authority till date,” the ED said in a statement.

Under Section 37A of FEMA, the government appoints a Joint Secretary level official as the Competent Authority to examine ED’s seizure orders.

According to the ED, the authority has held that the ED is right in holding foreign exchange equivalent to Rs 5,551.27 crore that has been transferred out of India by Xiaomi in an unauthorised manner.

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First published on: 30-09-2022 at 06:32:53 pm
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