India freezes Xiaomi’s local assets due to a suspected foreign exchange violation · TechNode

India freezes Xiaomi’s local assets due to a suspected foreign exchange violation · TechNode
India has accused Chinese consumer electronics company Xiaomi of violating the country’s foreign exchange laws and moved to freeze INR 55.51 billion ($730 million) worth of Xiaomi India’s assets on April 27, Caixin reported on Monday. India’s announcement stated that Xiaomi India has transferred INR 55.51 billion to three entities under royalty payments since 2015. The announcement notes that Xiaomi did not receive any service from these entities. Xiaomi released an announcement on its social media accounts on Monday, claiming that “all our operations are firmly compliant with local laws and regulations.”

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