News Snapshot:
Chinese mobile giant Xiaomi, which had donated Rs 10 crore to PM-CARES Fund in June, 2020, found itself under the scanner of the Enforcement Directorate (ED) which on Saturday seized assets worth Rs 5,551.27 crore belonging to Xiaomi Technology India Pvt Ltd – a wholly-owned subsidiary of the China-based group – under provisions of the Foreign Exchange Management Act, 1999. Xiaomi India is a trader and distributor of mobile phones in India under the brand name MI. This amount of ₹5,551.27 crore, lying in the bank accounts of the company has been seized by the Enforcement Directorate, the ED said....
