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NEW DELHI (AP) – Indian authorities seized $725 million from Chinese smartphone company on Saturday xiaomiAuthorities accused him of violating the country’s foreign exchange laws by making illegal remittances abroad.
The Executive Directorate, India’s financial investigative agency, tweeted on Twitter that it had confiscated the amount. xiaomilocal unit. The move comes after an investigation by the federal agency began in February over concerns of illegal transfers, local media reported.
In a statement quoted by the Press Trust of India, the agency said the smartphone maker transferred $725 million to “three foreign-based entities” under the guise of royalty payments. Earlier this month, the agency also xiaomiGlobal vice president Manu Kumar Jain is at the company’s regional office in the southern city of Bengaluru, PTI reported.
The smartphone company said it complied with local laws and added that “copyright payments and statements” were “lawful and correct”, according to a statement quoted by New Delhi Television.
Two years ago, India banned more than 100 Chinese-owned apps due to escalating tensions due to border conflicts between countries. In June 2020, Indian and Chinese soldiers fought with sticks, stones and fists over a disputed part of their border, resulting in the deaths of 20 Indian and four Chinese soldiers.
Since February last year, both countries have withdrawn their troops from some areas, but they are still in existence. In March, Chinese Foreign Minister Wang Yi traveled to New Delhi to discuss the possibility of speeding up the troop withdrawal and de-escalating the situation.
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