INSUBCONTINENT EXCLUSIVE:
outward remittances in the name of royalty to the tune of Rs 5,551 crore without conducting due diligence
notices to Xiaomi Technology India Pvt Ltd, its officials and three banks under section 16 of the Foreign Exchange Management Act (Fema) on
said on Friday.Manu Kumar Jain, ex-managing director, and Sameer B Rao, present director and chief financial officer of Xiaomi have been
Deutsche bank AG for contravention of Section 10(4) and 10(5) of FEMA and directions issued by RBI by allowing foreign outward remittances
in the name of royalty through the banks without conducting due diligence and without obtaining any underlying technical collaboration
the provisions of Fema for alleged unauthorised remittance of this amount in guise of royalty abroad
that ED is right in holding that foreign exchange equivalent to Rs 5,551.27 crore has been transferred out of India by the Xiaomi India in
remitted foreign currency equivalent to Rs 5,551.27 crore to three foreign-based entities which include one Xiaomi group entity in the guise
