Xiaomi moving its India operations to Pakistan? The Chinese mobile phone maker is responding | Techy Kings

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Chinese mobile phone maker Xiaomi has dismissed speculation of moving its operations from India to Pakistan after the Enforcement Directorate froze its assets. 5551.27 million for the alleged violation of the guidelines of the Foreign Exchange Management Law.

A Chinese mobile phone maker may move its operations from India to Pakistan after its assets worth $676 million were frozen, the South Asian index said on Twitter, citing sources.

“This tweet is completely false and baseless. Xiaomi came to India in 2014 and less than a year later we started our Make in India journey. 99% of our smartphones and 100% of our TVs are made in India. We will take all measures to protect our reputation from false and inaccurate claims,” ​​Xiaomi tweeted.

The Chinese mobile phone maker on Friday again approached the Karnataka High Court challenging the September 29 order by the competent authority of FEMA. the resolution approving the April 29 The central probe agency has ordered asset seizure for allegedly violating FEMA rules and transferring money to three companies outside India under the guise of royalties.

In its petition, the Chinese mobile phone maker challenged the appellate order on the grounds that it was not allowed to question a representative of the foreign bank at the hearing.

Xiaomi’s counsel said that since the plea also challenged the validity of Section 37A of FEMA relating to the company’s assets outside India, the petition was upheld.

The Supreme Court earlier this year allowed the mobile phone maker to use the money for its day-to-day operations, but barred it from using it to pay royalties.

(With inputs from Reuters, PTI)




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