Xiaomi's Rs 5,551 crore deposits seized under FEMA

Tribune News Service

Updated At : 11:46 AM Oct 01, 2022 IST

Unlock Exclusive Insights with The Tribune Premium

Take your experience further with Premium access. Thought-provoking Opinions, Expert Analysis, In-depth Insights and other Member Only Benefits

Yearly Premium ₹999 ₹349/Year

Yearly Premium $49 $24.99/Year

New Delhi, September 30

The Enforcement Directorate (ED) today said the Foreign Exchange Management Act (FEMA) authority had ordered the seizure of deposits of Chinese mobile phone manufacturer Xiaomi worth Rs 5,551 crore. “This is the highest amount of seizure order in India till date,” the ED said.

The ED has accused Xiaomi of 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.

The agency had first issued the seizure order of these deposits on April 29, 2022. “The company remitted this amount in guise of royalty abroad which constitute violation of Section 4 of the FEMA. The company also provided misleading information to the banks while remitting the money abroad,” the ED had alleged.

The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising five eminent persons as trustees.

The Tribune, the largest selling English daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the newspaper. It is an independent newspaper in the real sense of the term.

The Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).

Remembering Sardar Dyal Singh Majithia

Designed and developed by : SORTD

Unlock Exclusive Insights with The Tribune Premium

Suggested Articles