• Wed. Sep 27th, 2023

Best World News 24✖ 7

Xiaomi India Dismisses Speculation on India Operations Being Moved to Pakistan as
Rate this post

Xiaomi on Friday dismissed speculation that the company might move its operations from India to Pakistan. The company responded to a tweet from a portal on Twitter that claimed the Chinese smartphone manufacturer might shift operations after its funds were frozed by authorities in India over alleged violation of the Foreign Exchange Management Act (FEMA) rules. Earlier this week, the Karnataka High Court had denied Xiaomi’s appeal for relief after nearly Rs. 5,500 crore worth of the company’s assets were frozen by the Enforcement Directorate in April. 

A tweet by South Asia Index on Thursday claimed that the Chinese smartphone maker might move its operations from India to Pakistan after the government of India froze the firm’s assets worth $676 million (roughly Rs. 5,500 crore). Xiaomi responded to the tweet on Friday, stating that it was “complete false and baseless”.

The company went on to state that it joined the government’s Make in India initiative after it entered the Indian market in 2014. It also added that 99 percent of the company’s smartphones and all its TV models were assembled in India. 

Xiaomi’s clarification on Twitter came a day after the company’s appeal to the Karnataka High Court to lift the freeze on $676 million (nearly Rs. 5,500 crore) worth of assets was denied by the court. The company is being probed by the ED for allegedly made illegal remittances to foreign entities by passing them off as royalty payments. 

The freezing of Xiaomi’s assets was confirmed by the competent authority under FEMA on September 30. The seizure is the highest amount in India to be confirmed by the authority till date, according to the ED.

The company had argued that the freezing of the assets was “severely disproportionate and has effectively halted the operations” of the company, according to a report by Reuters. The company previously claimed that its royalty payments were legitimate and truthful, and that it would “continue to use all means to protect the reputation and interests.”

Affiliate links may be automatically generated – see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Google Pixel Fold Tipped to Launch in Q1 2023, Panel Shipments to Start in January

Taiwan Signals Chip Firms Will Comply With US Export Rules Targeting Chinese Semiconductor Industry

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *