India's Enforcement Directorate just issued a show cause order to Xiaomi Technology India Ltd and three foreign banks - Citi bank, HSBC Bank and Deutsche Bank AG. An order to show cause is the type of court order that requires one or more parties to prove or disprove something to the court. In this case, it's about a Foreign Exchange Management Act violation amounting to the equivalent of $6.7 million. The actual violation is by Xiaomi, but the banks listed above received their orders as well since they have a role in the violation. According to ED, the banks allowed foreign remittances...
June 11, 2023 at 12:30AMvia GSMArena.com - Latest articles https://ift.tt/75WJ23q
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