Why FEMA Act Seized Xiomi’s 5,551.27 Cr?
This seizure was done by ED , under FEMA against Xiomi Technology India Private Ltd. FEMA means foreign exchange management act (FEMA).
The competent authority under the FEMA act approved the seizure of over rs 5,551 crore worth deposits of Xiomi Technology Private Ltd. It is the highest amount frozen till date in India. The authority said this in statements.
The ED charged the popular mobile phone company maker with deliberatly remitting foreign currency equal to rs 5,551 crore to 3 entities i.e, one Xiomi group and two US based unrelated entities in pretext of royalty.
The Authority had first ordered seizure of these bank deposit on April, and sent this to the approval of the duly competent authority as required, that authority regulates foreign exchange violations in the country.
That competent authority was appointed under 37A of the FEMA and confirmed the amount to be seized. This competent authority should be led by an officer not below the rank of a joint secretary. The authority charged Xiomi India that it didn’t take any service from the three foreign based entities, to whom amount was transferred.
The Agency found that Xiomi India started remiiting money from 2015 in the guise of royalty. This amount was under the instruction of their chinese parent group entity. Company has filed writ petition. Karnataka high court also directed Xiomi India to first approach to competent authority. As Amount seizure was confimed and this is a major setback to Xiomi India.
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