According to Muralikrishnan B, president at Xiaomi India, around 35 per cent of the non-semiconductor bill of materials (BoM) for smartphones is currently being locally sourced.
FEMA violation of $5,551 crore, the Enforcement Directorate issued a show-cause notice to Xiaomi Technology India, CFO Sameer Rao, its former MD Manu Jain, and 3 banks. According to the officials, the notice relates to illegal remittances made by the company totaling $5,555.27 crores.
The Enforcement Directorate (ED) on Friday said that the Adjudicating Authority has issued showcause notices to Xiaomi Technology India Private Limited, its officials and three banks under the relevant provision of the Foreign Exchange Management Act (FEMA) on the basis of a complaint filed by the probe agency in connection with illegal remittances made by the company to the tune of Rs 5,551.27 crore.
Three Chinese technology brands, OPPO, Vivo and Xiaomi, have joined hands to allow users to transfer data between their devices to take on the growing Apple's market share in the country, the media reported on Friday.
India saw 44.6 million smartphone shipments in the third quarter this year, a 6 per cent decline from the previous year dragged by a lacklustre low-end segment.
Android 13 has been carried out this week with a few new elements, including further developed privacy controls, language settings and that's only the tip of the iceberg.
The Indian government is looking into cases of alleged tax evasion by three Chinese mobile companies -- OPPO, Vivo India, and Xiaomi.
Muralikrishnan has also served as Xiaomi India CEO in 2018, and was considered very instrumental in the brand's growth across offline sales, services, and operations during his tenure.
The company's market share in terms of smartphone shipments ranked no 3 globally in the third quarter of 2021.
In Q1 2020, Xiaomi registered a solid 29 per cent market share in the highly-competitive India market, according to Counterpoint Research data.
