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 Via Times of India https://ift.tt/Cz67FhK