Editor
The competent authority appointed under the Foreign Exchange Management Act (FEMA) has slapped show-cause notices on Xiaomi Technology India, its senior officials, and three foreign banks for alleged violations of forex rules.
The move follows the authority confirming a seizure order of Rs 5,551.27 crore, passed by the Enforcement Directorate (ED) against the Chinese phone maker in April last year under FEMA provisions, alleging that the…
