New Delhi, September 30 (KMS): Indian probe agency Enforcement Directorate under the Foreign Exchange Management Act (FEMA) has approved an order of seizure of over Rs. 55.51 billion worth of deposits of Chinese mobile phone manufacturer Xiaomi, the highest amount frozen till date in India.
The ED said today that the agency 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.
The order has been issued under section 37A of the FEMA against Xiaomi Technology India Private, the ED said in a statement.
“This is the highest amount of seizure order in India which has been confirmed by the authority till date.”
Xiaomi is a trader and distributor of mobile phones in India under the brand name of MI and Xiaomi India is a wholly-owned subsidiary of China-based Xiaomi Group.