How to flash MIUI on Mi Android Phones - Fastboot Update Mode

There are times when one may need to flash an Android Phone, may be due to issues or for some others, simply to try a different flavor of Android version or features provided by other Custom ROM developers. In this post, we shall see how to flash MIUI on Mi Android Phones - Fastboot Update Mode. Before getting into the steps, here are some brief info which you may already be aware of.