August 16, 2022

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Foreign exchange: ED summons execs of Xiaomi, OnePlus over ‘foreign exchange violations’

The Enforcement Directorate has summoned officers of Chinese language telecom firms OnePlus and Xiaomi for suspected foreign exchange violations, sources within the know informed ET.

The ED motion follows investigations by the revenue tax (I-T) division, which had raided these firms – and likewise Oppo – final 12 months, folks conversant in the developments informed ET. Tax sleuths claimed to have seized knowledge allegedly corroborating expenses of tax evasion throughout searches.

Within the case of Xiaomi, the ED is probing alleged overseas remittances of greater than ₹1,000 crore, mentioned folks within the know. These remittances embrace transfers by the corporate – within the nature of royalty – to and on behalf of its group firms based mostly overseas.

The company had summoned Manu Kumar Jain, Xiaomi’s world vice-president, on Wednesday. Jain’s assertion was recorded on the company’s Bengaluru workplace. He additionally furnished some paperwork sought by the company.

Within the case of OnePlus, an official from its finance division in Bengaluru was requested to affix the probe.

This was the third time Jain, who was the managing director of Xiaomi’s India operations, had been summoned by the ED. He was summoned twice earlier, however had failed to seem.

Queries despatched to OnePlus and Oppo remained unanswered until press time Wednesday.

Xiaomi mentioned in a press release, “Xiaomi is a law-abiding and accountable firm. We give paramount significance to the legal guidelines of the land. We’re totally compliant with all of the laws and are assured of the identical. We’re cooperating with authorities with their investigation.”

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The federal government had banned short-form video apps TikTok and SnackVideo in 2020, however an identical app – Zili – continues to be operated by Xiaomi.