All operations are strictly in accordance with local laws and regulations: Xiaomi Technology India

Xiaomi Technology India released a statement on its Twitter account on Saturday evening stating that all of their operations strictly comply with local laws and regulations.

On Saturday, the Enforcement Directorate (ED) had seized Rs 5,551.27 crore from Xiaomi Technology India Private under the provisions of the Foreign Exchange Management Act 1999 in relation to the company’s illegal remittances. .

“We have carefully studied the order of the government authorities. We believe that our royalty payments and statements to the bank are all legitimate and truthful. These royalty payments made by Xiaomi India were for licensed technologies and IP addresses used in our Indian version products. It is a legitimate business deal for Xiaomi India to make such royalty payments. However, we are committed to working closely with government authorities to clarify any misunderstandings,” the statement added.

According to ED, the amount of Rs 5,551.27 crore was in the bank accounts of the company. Xiaomi India is a wholly owned subsidiary of China-based Xiaomi Group.

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First post: STI


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