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Xiaomi on Friday dismissed hypothesis that the corporate would possibly transfer its operations from India to Pakistan. The corporate responded to a tweet from a portal on Twitter that claimed that the Chinese language smartphone maker may change its operations after Indian authorities froze its funds for an alleged violation of the principles of the Overseas Trade Administration Act ( FEMA). Earlier this week, the Karnataka Excessive Court docket had denied Xiaomi’s enchantment after practically Rs. The Enforcement Directorate froze Rs 5.5 billion of the corporate’s property in April.

A tweet from South Asia Index on Thursday claimed that the Chinese language smartphone maker could transfer its operations from India to Pakistan after the Indian authorities froze the corporate’s property value $676 million (roughly Rs. 5.5 billion). rupees). Xiaomi responded to the tweet on Friday, stating that it was “utterly false and baseless”.

The corporate went on to state that it joined the federal government’s Make in India initiative after coming into the Indian market in 2014. It additionally added that 99 p.c of the corporate’s smartphones and all of its TV fashions have been assembled in India.

Xiaomi’s clarification on Twitter got here a day after the courtroom denied the corporate’s enchantment to the Karnataka Excessive Court docket to carry the asset freeze value $676 million (practically Rs 5.5 billion). The corporate is being investigated by the ED for allegedly making unlawful remittances to international entities, passing them off as royalty funds.

The freezing of Xiaomi property was confirmed by the competent authority underneath FEMA on September 30. The seizure is the very best quantity in India confirmed by the authority so far, in response to the ED.

The corporate had argued that the asset freeze was “grossly disproportionate and successfully halted operations” of the corporate, in response to a Reuters report. The corporate beforehand claimed that its royalty funds have been reliable and truthful, and that it might “proceed to make use of all means to guard status and pursuits.”


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Xiaomi India Dismisses Speculation on India Operations Being Moved to Pakistan as ‘False and Baseless’

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