HomeSmartphoneXiaomi seized $725 million by India for violating foreign exchange

Xiaomi seized $725 million by India for violating foreign exchange

Chinese mobile phone maker Xiaomi, which accounts for half of India’s smartphone market, has been seized by Indian authorities at $725 million for allegedly violating the country’s foreign exchange law.

According to Counterpoint Research data, in 2021, China’s Xiaomi will be the first smartphone seller in India, with a market share of 24%; South Korea’s Samsung will be second with a 19% share.

But since December last year, India’s Central Enforcement Directorate (Enforcement Directorate) has been investigating Xiaomi Technology India Private Limited, a subsidiary of China’s Xiaomi Group in India. Japan summoned Manu Kumar Jain, the former head of Xiaomi India (now the global vice president of Xiaomi), for questioning.

According to the latest investigation results of the Indian authorities, Xiaomi Technology India is suspected of violating the Indian foreign exchange law by remitting foreign currency to 3 foreign entities in the name of “royalty fees” and following the “instructions” of its Chinese parent company. , one of which is a Xiaomi Group entity, and the other two unidentified U.S. entities are also for the “final interests of Xiaomi Group.”

However, Xiaomi said in a statement: All of the company’s businesses strictly abide by local laws and regulations, and the use of royalties is legal, and will work closely with the Indian government to clarify any misunderstandings.

Mehmet S. Kaya
Mehmet S. Kayahttps://teknonel.com
Mehmet is one of the administrator of Teknonel. As a software developer, he loves to share his knowledge in related topics. He is highly familiar with the editorial process from the inception of an article idea, through the iterative process, publishing, and performance analysis as well as product reviews.

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