Xiaomi believes government must play a more active role in clarifying misunderstandings

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Xiaomi, a Chinese telecom company, said Saturday that it is committed to working with the Indian government to clear up any “misunderstandings” following the seizure of Rs 5,551.27 billion in assets by the Enforcement Directorate (ED).

All of our operations are in full compliance with Indian laws and regulations because we are a brand dedicated to India. We’ve carefully studied the government’s directive, and we’re ready to go. ” In a statement, a Xiaomi spokesperson stated

In our opinion, we have no reason to doubt the veracity of our bank statements or royalty payments. These royalties were paid by Xiaomi India in relation to in-licensed technologies and intellectual property rights (IPs) used in our Indian version products. For Xiaomi India, making royalty payments is a legitimate business arrangement, as well.

A Xiaomi spokesperson added in the statement that the company is “committed to working closely with government authorities to clear up any misunderstandings.”

The company issued a statement after the Enforcement Directorate (ED) said it had seized Rs 5,551.27 crore of assets from the bank accounts of Xiaomi Technology India Pvt Ltd.

The Foreign Exchange Management Act (FEMA) is at the heart of the ED’s crackdown on Xiaomi, which stems from illegal remittances the company made in February.

Three foreign entities, one of which is a Xiaomi group company posing as royalty, received money from the company in the amount of Rs 5,551.27 crore, as reported by the Enforcement Directorate (ED).

In accordance with the instructions of their Chinese parent group entities, such enormous sums were remitted as royalties. The ED stated that the money was paid to two separate US-based non-affiliated entities for the benefit of the Xiaomi group entities.

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Zaid Quraishi
My name is Zaid Quraishi. I pride myself on being a meticulous and organized individual who has done his Bachelors in Medical Technology and currently pursuing my Master's in the same course from Sher-e-Kashmir Institute of Medical Sciences. I belong to the beautiful valley of Kashmir, and my hometown is Srinagar. I am the elder sibling of my younger brother. As far as my strengths are concerned, I am effectively communicative, optimistic, reliable, a team player, and time-efficient. My weaknesses are that I am an honest person and I tend to be blunt, and sometimes, I like to work alone. I am passionate about content writing, online gaming, and learning new things, especially languages (currently German). I have written two papers for my University degree, which helped me immensely in learning how to write effectively. I am confident in my writing skills, and I can effectively pour my thoughts out in writing and express myself so that the reader relates to it and is intrigued by the content. I love to play with my pet cat, and she is a darling to me. The thing that I dislike the most is being distracted when you are in the zone. Currently, I am a content writer in a dynamic work environment at Shouzy, ready to improve readers' satisfaction and increase retention levels.

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