The ongoing tension between India and China for a while reflects directly on commercial life. Many Chinese companies are under heavy pressure. One of them is India’s leading smartphone manufacturer Xiaomi.
Shock to Xiaomi
According to information from India, the country’s regulatory authorities seized a total of $725 million from Xiaomi in local banks, citing illegal currency trading.
slowdown confession from Xiaomi
accused of violating the Currency Exchange Law, it is stated that Xiaomi illegally transferred foreign currency to 3 different groups outside India. According to the law, companies operating in the country cannot transfer any foreign currency to legal entities located outside India.
It is stated that Xiaomi is trying to export approximately 725 million dollars as royalties. Xiaomi, on the other hand, states that there is a misunderstanding and that the royalties are paid for the technologies used in Xiaomi products in the country.
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