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.
As per official data around 18 million units were shipped in the quarter ending June, in spite of the ongoing pandemic.
Samsung is reportedly planning to launch its Galaxy Note 20 series as well as Galaxy Fold 2 on August 5 via an online event due to the ongoing Covid-19 pandemic.
Xiaomi revealed the launch date on its Twitter account with a simple math puzzle - the answer to which happens to be 19.
The company also expanded its portfolio with Redmi Power Bank 10,000mAh and Redmi Power Bank 20,000mAh for Rs 799 and Rs 1,499, respectively.
The Xiaomi-backed wearable brand introduced Amazfit T-Rex, Amazfit Bip S, Amazfit PowerBuds, Amazfit ZenBuds, Huami-PAI and Amazfit Home Studio during the event.
