Xiaomi enforcement directorate

After crackdown, Xiaomi to flee India for Pakistan? Chinese company reacts

9Oct

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Technology

After crackdown, Xiaomi to flee India for Pakistan? Chinese company reacts

[ad_1] Xiaomi has slammed the allegations that it might be moving all its India operations to Pakistan in a Twitter post and called it “completely false and baseless”. Earlier this week, reports claimed that Xiaomi might move its operations from India to Pakistan. The reports emerged amid a crackdown by the Enforcement Directorate where the Indian government froze Xiaomi's assets worth $676M for allegedly violating Foreign Exchange Management Act (FEMA) guidelines. However, the smartphone maker has responded to the allegations in a Twitter post and has said that any reports suggesting the company's move are “completely false & baseless”. The official Twitter handle of Xiaomi gave the statement while responding to a tweet by South Asia Index.South Asia Index cited sources for its t...

China’s Xiaomi says will protect business interests after assets frozen in India

[ad_1] Chinese smartphone maker Xiaomi said it was "disappointed" with an Indian order that froze $682 mn of its assets. Chinese smartphone maker Xiaomi Corp on Sunday said it was "disappointed" with an Indian order that froze $682 million of its assets and would continue to protect its interests. An Indian appellate authority on Friday confirmed an April order by India's federal financial crime fighting agency, the Enforcement Directorate, to seize 55.51 billion rupees, saying a probe found Xiaomi had made illegal remittances to foreign entities by passing them off as royalty payments. The Chinese smart devices firm in a statement on Sunday said that over 84% of 55.51 billion Indian rupees seized by the Enforcement Dire...

Historic setback for China! India orders biggest fund seizure ever- Xiaomi’s 5551 crore

[ad_1] The competent authority under the Foreign Exchange Management Act (FEMA) has approved an order of seizure of over ₹5551 crore worth of deposits of Chinese mobile phone manufacturer Xiaomi -- the highest amount frozen till date in India -- the ED said Friday. The agency charged the popular Chinese phone maker with remitting foreign currency equivalent to ₹5,551.27 crore to three entities -- one Xiaomi Group company and two US-based unrelated entities -- in the guise of royalty. The Enforcement Directorate (ED) had first issued the order of seizure of these bank deposits on April 29 under the FEMA and later sent it for approval of the competent authority, as required under the law that regulates foreign exchange violations in the country. "The competen...