India seizes £577m from Chinese company Xiaomi

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"1">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>Indian authorities have seized £577 million from Chinese smartphone company Xiaomi&comma; accusing it of breaking the country’s foreign exchange laws by making illegal remittances abroad&period;<&sol;p>&NewLine;<p>The Enforcement Directorate&comma; India’s financial investigation agency&comma; tweeted that it had seized the amount from Xiaomi’s local unit&period; The move comes after an investigation was launched in February over concerns of illegal remittances&period;<&sol;p>&NewLine;<p>The agency said the smartphone maker had transferred 725 million dollars &lpar;£577 million&rpar; to &OpenCurlyDoubleQuote;three foreign-based entities” under the guise of royalty payments&comma; according to a statement quoted by the Press Trust of India&period;<&sol;p>&NewLine;<p>Earlier this month&comma; the agency had also questioned Xiaomi’s global vice president&comma; Manu Kumar Jain&comma; at the company’s regional office in the southern city of Bengaluru&period;<&sol;p>&NewLine;<p>The smartphone company said a statement it complied with local laws and added that its &OpenCurlyDoubleQuote;royalty payments and statements” were &OpenCurlyDoubleQuote;legit and truthful”&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;These royalty payments that Xiaomi India made were for in-licensed technologies and IPs used in our Indian version products&period; It is a legitimate commercial arrangement for Xiaomi India to make such royalty payments&comma;” the statement said&period;<&sol;p>&NewLine;<p>Two years ago&comma; India banned over 100 Chinese-owned apps as tensions between the countries soared over border clashes&period;<&sol;p>&NewLine;<p>In June 2020&comma; Indian and Chinese troops fought with clubs&comma; stones and fists along a disputed section of their border&comma; leaving 20 Indian and four Chinese soldiers dead&period;<&sol;p>&NewLine;<p>Since February last year&comma; both countries have withdrawn troops from some sites&comma; but they still maintain a presence&period;<&sol;p>&NewLine;<p>In March&comma; Chinese Foreign Minister Wang Yi travelled to New Delhi to discuss expediting the disengagement of troops and the possibility of de-escalating the situation&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed120e21c17">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; function &lpar;&rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; false &equals;&equals;&equals; &lpar; window&period;isWatlV1 &quest;&quest; false &rpar; &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&sol;&sol; Use Aditude scripts&period;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings &equals; window&period;tudeMappings &vert;&vert; &lbrack;&rsqb;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings&period;push&lpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;divId&colon; 'atatags-dynamic-belowpost-68ed120e21c17'&comma;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;format&colon; 'belowpost'&comma;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub; &rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; document&period;readyState &equals;&equals;&equals; 'loading' &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;document&period;addEventListener&lpar; 'DOMContentLoaded'&comma; window&period;getAdSnippetCallback &rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub; else &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback&lpar;&rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<&sol;script>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>


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