India

FEMA authority approves India’s highest seizure order of Rs 5,551.27 crore against Xiaomi: ED

Xiaomi office in India. Photo: [Twitter/ Xiaomi India]

New Delhi: The competent authority under the Foreign Exchange Management Act (FEMA) has approved an order of seizure of over Rs 5,551 crore worth of deposits of Chinese mobile phone manufacturer Xiaomi, the highest amount frozen to date in India, the ED said Friday.

The Enforcement Directorate (ED) had issued the order of seizure on April 29 under the FEMA and later sent it for approval of the competent authority, as required under the law that regulates foreign exchange violations in the country, news agency PTI reported.

The order has been issued under section 37A of the FEMA against Xiaomi Technology India Private Ltd, the federal agency said in a statement.

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