TechBoiler
TRENDING
  • Microsoft Copilot
  • Elon Musk
  • Moto Razr 40
No Result
View All Result
  • HOME
  • News
  • SMARTPHONES
  • AI
  • GAMING
  • ENTERTAINMENT
  • Contact
  • HOME
  • News
  • SMARTPHONES
  • AI
  • GAMING
  • ENTERTAINMENT
  • Contact
No Result
View All Result
No Result
View All Result
Home Featured

Xiaomi India Assets Seizure Put On Hold By Indian HC

by TechBoiler Staff
May 6, 2022
in Featured
Reading Time: 2 mins read
A A
0
Xiaomi India Assets
Share on FacebookShare on Twitter

Xiaomi India Assets worth $725 million were seized by Enforcement Directorate (ED) over forex violations. The state organization claimed that Xiaomi India remitted the equivalent of INR 55.5 billion to three foreign-based entities. This was in violation of foreign exchange laws.

ED began investigation in February for illegal remittances. Xiaomi India posted a response, stating all royalty payments and statements to the bank are legit and truthful. Moreover, they also stated that they are commited to working closely with government authorities to clarify any misunderstandings.

Decision Challenged By Xiaomi

Xiaomi filed a challenge against the decision in the High Court of the Karnataka state. On Thursday, after hearing Xiaomi’s lawyers, a judge put Enforcement Directorate’s decision of seizure on hold. Lawyers appearing for the Chinese company submitted that the payment of Technology Royalty, paid to three companies situated outside India, is not in contravention of section 4 of FEMA act.

Furthermore, they stated that these payments have been held lawful by the income tax department. Moreover, he submitted that the condition precedent for invoking section 37A of FEMA is that the amount shall be lying in an account in a foreign location and should be available for bringing it back to India. It was also contended that Royalty payments have been from 2016 till date.

Furthermore, these payments have been through authorised dealers. In the absence of material of such amount, the seizure is not sustainable. In addition, Xiaomi’s representative stated that similar payments to the same company have been made by other manufacturers. No action was taken against them for violation of foreign exchange.

Next Hearing

He also said that the writ petition is maintainable, though alternative remedy of appeal is provided since FEMA Appellate Tribunal has not been constituted. None appeared for the responding party. Following which the court delayed the hearing till the 12th of May.

ShareTweetShareShareSendShare
Previous Post

Xiaomi Pakistan Makes Eid Sweeter For Fans

Next Post

WhatsApp launches Message Reaction Feature

TechBoiler Staff

TechBoiler Staff

Related Posts

Featured

Samsung launches 7 new products – New Foldable & Flip Are Here!

July 28, 2023
Apple Vision Pro
Apple

Apple Vision Pro – The Long Awaited Apple Headset Is Here

June 6, 2023
WWDC 2023 Memoji
Apple

How To Get WWDC 2023 Memoji Profile Picture

May 30, 2023
Remove term: Top 10 Tech Trends In 2023 Top 10 Tech Trends In 2023Remove term: top 10 top 10Remove term: 10 Tech Trends 2023 Innovations 10 Tech Trends 2023 InnovationsRemove term: The Top 10 Tech Trends In 2023 The Top 10 Tech Trends In 2023Remove term: Top 18 New Technology Trends for 2023 Top 18 New Technology Trends for 2023Remove term: Top 10 tech trends to watch in 2023 Top 10 tech trends to watch in 2023Remove term: Top 10 Essential Tech Trends in 2023 Top 10 Essential Tech Trends in 2023Remove term: These AI Tech Gadgets Are Worth Buying These AI Tech Gadgets Are Worth Buying
Featured

Essential Gadgets For Gifting on Amazon You Cannot Miss

May 29, 2023
top amazon cheap performance laptops,
Featured

Top 10 Best Laptops on Amazon for Peak Performance – All Budgets

May 29, 2023
AI

Apple To Join The AI Industry Says Tim Cook

May 9, 2023
Next Post

WhatsApp launches Message Reaction Feature

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

After the last tax hike on imported mobile phones, manufacturers like Oppo and Samsung have set up production plants in Pakistan. Reportedly Vivo is next in like to start local production of smartphones. Vivo is setting a production plant in Pakistan.

Dear Vivo Pakistan!

January 8, 2022

Windows Defender Antivirus Proves To Be One Of The Best

February 1, 2022

Best Smartphones For Watching Netflix, Amazon Prime & YouTube 2022

March 29, 2022
iPfhone 13 Series Pricing In Pakistan

Here Is The iPhone 13 Series Pricing In Pakistan

September 15, 2021
Samsung joins MTA

Samsung joins MTA service started by Xiaomi, Vivo & Oppo

June 18, 2021

Exynos 2200: Samsung Confirms Launch With S22 Series!

January 12, 2022
TechBoiler

© 2069 TechBoilers.com

TechBoiler - The #1 Source for Tech News

  • About
  • Contact Us
  • Cookies Policy
  • Privacy Policy
  • DMCA Policy

Follow Us

No Result
View All Result
  • HOME
  • News
  • SMARTPHONES
  • AI
  • GAMING
  • ENTERTAINMENT
  • Contact

© 2069 TechBoilers.com