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

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Xiaomi dismissed on Friday hypothesis that the corporate would possibly transfer its operations from India to Pakistan. The firm responded to a tweet from a portal on Twitter that claimed the Chinese smartphone producer would possibly shift operations after its funds have been frozed by authorities in India over alleged violation of the Foreign Exchange Management Act (FEMA) guidelines. Earlier this week, the Karnataka High Court had denied Xiaomi’s enchantment for reduction after almost Rs. 5,500 crore value of the corporate’s belongings have been frozen by the Enforcement Directorate in April.

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

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This tweet is totally false & baseless. Xiaomi entered India in 2014 & in lower than a yr, we launched into our Make in India journey.
99% of our smartphones & 100% of our TVs are made in India. We’ll take all measures to guard our repute from false & inaccurate claims.

— Xiaomi India (@XiaomiIndia) October 7, 2022

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

Xiaomi’s clarification on Twitter got here a day after the corporate’s enchantment to the Karnataka High Court to carry the freeze on $676 million (almost Rs. 5,500 crore) value of belongings was denied by the court docket. The firm is being probed by the ED for allegedly made unlawful remittances to overseas entities by passing them off as royalty funds.

The freezing of Xiaomi’s belongings was confirmed by the competent authority beneath FEMA on September 30. The seizure is the best quantity in India to be confirmed by the authority until date, in line with the ED.

The firm had argued that the freezing of the belongings was “severely disproportionate and has effectively halted the operations” of the corporate, in line with a report by Reuters. The firm beforehand claimed that its royalty funds have been professional and truthful, and that it might “continue to use all means to protect the reputation and interests.”

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