The competent authority appointed under the Foreign Exchange Management Act (FEMA) has confirmed the seizure order of ₹5,551.27 crore issued by the Enforcement Directorate (ED) against Xiaomi Technology India Private Limited on April 29.
A response from the company to the development is awaited.
Stating that it was the highest ever seizure amount-related order confirmed till date, the ED said, “The authority, while confirming the seizure..., held that the ED is right in holding [that] foreign exchange equivalent to ₹5,551.27 crore has been transferred out of India by Xiaomi India in an unauthorised manner and is held outside India on behalf of the group entity in contravention of Section 4 of the FEMA...”
