Skip to main content

ED showcauses Xiaomi, 3 banks for Fema violations

Taking cognisance of the Enforcement Directorate’s investigation, the adjudicating authority for Fema has issued showcause notices to Xiaomi Technology India Pvt Ltd, its officials and three banks — CITI Bank, HSBC Bank and Deutsche Bank AG — for allowing foreign outward remittances in the name of royalty to the tune of Rs 5,551 crore without conducting due diligence. The ED had earlier seized this equivalent amount in the bank accounts of Xiaomi in India

Taking cognisance of the Enforcement Directorate’s investigation, the adjudicating authority for Fema has issued showcause notices to Xiaomi Technology India Pvt Ltd, its officials and three banks — CITI Bank, HSBC Bank and Deutsche Bank AG — for allowing foreign outward remittances in the name of royalty to the tune of Rs 5,551 crore without conducting due diligence. The ED had earlier seized this equivalent amount in the bank accounts of Xiaomi in India from Times of India https://ift.tt/njobuE8
Labels:

Comments

Post a Comment

Popular posts from this blog

Airtel-Tata DTH merger talks fail, Airtel informs BSE

Bharti Airtel and Tata Group have called off their discussions to merge Airtel Digital TV and Tata Play due to unresolved issues. The proposed deal, aimed at combining the two loss-making DTH operations, involved a share swap where Airtel would potentially hold a majority stake. Bharti Airtel and Tata Group have called off their discussions to merge Airtel Digital TV and Tata Play due to unresolved issues. The proposed deal, aimed at combining the two loss-making DTH operations, involved a share swap where Airtel would potentially hold a majority stake. from Times of India https://ift.tt/gt5oqs7
Post a Comment
Read more

From 'I love you' to trade talk: What Jerry Jones said about Micah Parsons

Dallas Cowboys traded Micah Parsons to Green Bay Packers. This move frees up 19 million dollars. Cowboys now have 42 million dollars in cap space for 2025. This allows them to sign other players. They can extend contracts of DaRon Bland and Tyler Smith. Jerry Jones mentioned Parsons could bring resources in a trade. Dallas Cowboys traded Micah Parsons to Green Bay Packers. This move frees up 19 million dollars. Cowboys now have 42 million dollars in cap space for 2025. This allows them to sign other players. They can extend contracts of DaRon Bland and Tyler Smith. Jerry Jones mentioned Parsons could bring resources in a trade. from Times of India https://ift.tt/dWALCNq
Post a Comment
Read more