Xiaomi's Rs 5,551 seizure by ED upheld by India's top forex authority
New Delhi: The seizure of Chinese phone maker Xiaomi's Rs 5,551 crore by the Enforcement Directorate (ED) for remitting money overseas as royalty has been confirmed by India's foreign exchange authority.
ED attaches Rs 5,551 cr of Chinese smartphone giant Xiaomi for forex violations
New Delhi: The Enforcement Directorate (ED) has seized Rs 5,551.27 crore of Xiaomi Technology India Pvt Ltd - a 'wholly-owned subsidiary of China-based Xiaomi group' under the provisions of the Foreign Exchange Management Act (FEMA), 1999.
Forex Rule violation: RBI slaps fine on five banks
New Delhi, Dec 21 (IBNS): The Reserve Bank of India on Wednesday said it has imposed monetary penalty on the following five banks for violation of Reserve Bank of India’s instructions on reporting requirements of the Foreign Exchange Management Act, 1999 (FEMA).