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.

Follow us on Social Media!

12FansLike
15,848FollowersFollow
13FollowersFollow
676SubscribersSubscribe

Related Articles

Microsoft rumored to be investing $10 billion in OpenAI

According to comprehensive foreign media reports, Microsoft intends to invest $10 billion in ChatGPT developer OpenAI, which will make OpenAI’s valuation reach $29 billion.The...

New VR Gear “Aroma Shooter” allows you to smell Games and Videos

With the gradual increase of VR reality games, in order to pursue a better sense of presence, Japanese game manufacturer Aromajoin released the Aroma...

iKnife: This smart scalpel detects tumors almost instantly

Facilitating the diagnosis of cancers thanks to an intelligent scalpel, this is the promise of iKnife! This device, developed by Imperial College London, can...

Acer’s new Bike Desk allows exercising while working in office

Do New Year's resolutions balance work performance and personal health? In addition to using time to exercise after get off work, Acer's newly released...

Explore More Articles

Sons-of-the-Forest-How-to-Craft-a-Bone-Armor

Sons of the Forest: How to Craft a Bone Armor?

0
Armor is surprisingly important in Sons of the Forest . If you plan on delving into the spooky caves that dot this new island, you'll want to...
What are the Differences between quail eggs and chicken eggs

What are the Differences between quail eggs and chicken eggs?

0
Quail eggs and chicken eggs have several differences in terms of size, nutritional content, taste, and culinary uses. Here are some of the key...
The night sky is full of black holes instead of stars

The night sky is full of black holes instead of stars

0
This is a seemingly ordinary starry sky photo (see the first picture), but it is a more special celestial body than luminous stars, that...
Sons-of-the-Forest-The-Best-Places-to-Find-Aloe-Vera

Sons of the Forest: The Best Places to Find Aloe Vera

0
If you want to find Aloe Vera in Sons of The Forest, this is the guide for you. Since you'll find yourself stranded on...