Xiaomi fight puts China Inc on India red alert

Argentina Noticias Noticias

Xiaomi fight puts China Inc on India red alert
Argentina Últimas Noticias,Argentina Titulares
  • 📰 Breakingviews
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 51%

Xiaomi’s problems in India will go from bad to worse, writes ugalani

Indian tax officials in February froze 37 billion rupees of deposits in local bank accounts of China’s Xiaomi as part of an investigation into alleged tax evasion, Reuters reported exclusively on May 12, citing two sources and a court filing.

It is one of two legal tussles in the country involving Xiaomi. On May 7, India’s Enforcement Directorate, an agency that investigates financial crime, said it had put a block on $725 million of the company’s funds, accusing Xiaomi of making illegal foreign remittances to three foreign entities “in the guise of royalty” payments.

Xiaomi’s lawyers told the court that banks were not allowing the company to make necessary payments, even though the court had allowed it to use funds for purposes other than royalty payments. On May 12, the judge allowed Xiaomi to use a bank overdraft facility for such payments. The agency’s move comes after Xiaomi said in a court filing that its top executives faced threats of “physical violence” and coercion during questioning by enforcement officials, contentions that the agency has dismissed as untrue.People walk past Xiaomi, a Chinese manufacturer of consumer electronics, store in Mumbai, India, May 11, 2022.

Hemos resumido esta noticia para que puedas leerla rápidamente. Si estás interesado en la noticia, puedes leer el texto completo aquí. Leer más:

Breakingviews /  🏆 470. in US

Argentina Últimas Noticias, Argentina Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

USD/INR Price News: Rupee bears await India inflation near record top surrounding 77.50USD/INR Price News: Rupee bears await India inflation near record top surrounding 77.50USD/INR Price News: Rupee bears await India inflation near record top surrounding 77.50 By anilpanchal7 USDINR Inflation RiskAppetite CentralBanks Currencies
Leer más »

Birds fall from the sky as heatwave scorches IndiaBirds fall from the sky as heatwave scorches IndiaRescuers in India's western Gujarat state are picking up dozens of exhausted and dehydrated birds dropping everyday as a scorching heatwave dries out water sources in the state's biggest city, veterinary doctors and animal rescuers say.
Leer más »

Breakingviews - India heatwave throws food security for loopBreakingviews - India heatwave throws food security for loopScorching temperatures in India are adding to the world’s food security headache. After a brief respite, the country’s weeks-long climate change-induced heatwave returned this week, with the mercury hitting 46 degrees Celsius. It raises the risk of death by heatstroke for swathes of the population and reduces the hours people can safely work. It’s also singeing cropland, fuelling doubts about whether New Delhi will maintain its newfound role exporting wheat to help fill global grain stores from Egypt to Bangladesh depleted by the war in Ukraine.
Leer más »

Supreme Court order brings hope for thousands jailed on controversial colonial-era sedition law in IndiaSupreme Court order brings hope for thousands jailed on controversial colonial-era sedition law in IndiaThe colonial-era law permits arrest without warrant of anyone accused of speaking or acting against the government. More than 13,000 are said to be imprisoned under it right now.
Leer más »

Crypto Exchange Coinbase Halts Service in India Due to 'Informal Pressure' From Central Bank RBI – Exchanges Bitcoin NewsCrypto Exchange Coinbase Halts Service in India Due to 'Informal Pressure' From Central Bank RBI – Exchanges Bitcoin News“A few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India.” crypto cryptocurrency bitcoin $BTC
Leer más »

Opinion | Forget the WHO. India owes its people the truth about covid-19.Opinion | Forget the WHO. India owes its people the truth about covid-19.Opinion by Barkha Dutt: “Based on my reporting, at least hundreds of thousands of Indians — most of them abjectly poor — would have died overlooked, forgotten and eventually uncounted.”
Leer más »



Render Time: 2025-03-16 02:24:40