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Xiaomi should approach 'competent authority' over forex probe, Indian court rules

( July 11, 2022, 06:04 GMT | Official Statement) -- MLex Summary: Chinese mobile manufacturer Xiaomi was directed last week by the Karnataka High Court to approach a "competent authority" appointed under the 1999 Foreign Exchange Management Act after India's financial-crime watchdog seized the company's bank accounts. The court said that given the existence of a resolution mechanism under FEMA, Xiaomi India's petition was premature. Xiaomi had challenged the Directorate of Enforcement for seizing bank deposits valued at 55.5 billion rupees ($726 million) in April, following allegations that the company had illegally remitted funds overseas under the guise of royalty payments on the instruction of its Chinese parent.The Karnataka High Court order is attached....

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