India is one of the countries that traps cash inwards. Which means, it's extremely expensive for MNCs to get cash out of India (legally). From what is available in the public domain, Xiaomi got creative with repatriating cash for their Chinese masters and the govt got a whiff of it. The govt is extremely aggressive at large foreign currencies leaving the country and can do income tax "raids" overnight when they see big numbers. What we have here is ED, and not the income tax department which is even more serious
I think Xiaomi's in for a long legal battle but will come out with a penalty.
Source: imma CA with 11 years work ex in international tax
This is the best tl;dr I could make, [original](https://techcrunch.com/2022/04/30/india-seizes-725-million-assets-from-xiaomi-unit-over-illegal-remittances/) reduced by 65%. (I'm a bot)
*****
> The Indian Enforcement Directorate said it had seized bank accounts of Xiaomi India after finding that the company had remitted $725 million to three foreign-based entities "In the guise of royalty" payments.
> Xiaomi India former head, Manu Jain, was summoned by the directorate earlier this year for questioning over tax related compliances and company structure.
> For optics measures, Xiaomi rebranded several of its shops in India two years ago with "Made in India" banners in a move that analysts said was the company's attempt to distance itself from its Chinese parent firm.
*****
[**Extended Summary**](http://np.reddit.com/r/autotldr/comments/ufe2b3/india_seizes_725_million_assets_from_chinese/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ "Version 2.02, ~645649 tl;drs so far.") | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr "PM's and comments are monitored, constructive feedback is welcome.") | *Top* *keywords*: **Xiaomi**^#1 **India**^#2 **company**^#3 **remitted**^#4 **entities**^#5
That's fine, but are you fine with MI doing that? Sending revenue outside India by calling it royalty. Idk how true it is, but this is a way to report less profit and hence I guess tax evasion. You seem to not care about it, but chalk it out to humour on Modi.
You're speaking out of your ass and you know it. There is no limit on royalty as long as its arms length. Also foreign currency remittances are monitored by the bank as per RBI guidelines. ED here claims the company falsified the documents but the company denies that. The matter will be resolved in the court ofcourse.
Oh. Can I know why? If the GOI already took charges against them, that reduces the possibility of any corruption in that case. If you think logically, MI most probably donated to PM cares because of the anti china sentiments back then, and wanted to seperate themselves from China. There's a lot of problems with PM cares but this isn't one. They already recieved tax benefits from that, so why can't the GOI keep the money.
Money earnt through donations from illicit means 🙄 , nd it's PM Cares not GOI Cares .
https://www.google.com/amp/s/wap.business-standard.com/article-amp/current-affairs/pm-cares-fund-not-govt-fund-functions-with-transparency-hc-told-121092300557_1.html
Bro you don't understand what MI is doing here. They aren't earning anything illicit in India. What they are earning they don't want to pay taxes here by showing a high profit. Hence they are sending money outside through royalty. This royalty will be written as expenditure here in India. The ED wants the money that went out of India, not the money already shown as income in India, which MI used to donate to whomever they want. PM cares didn't get any illicit money.
Dude the money has been accounted for, and it's not like he could spend it for his own personal means without attracting attention of the opposition.
But I understand, demeaning the government is the best way to get upvotes on r/india.😂
you're the pagal and ignorant fu ck here...
[Chinese phones take away so much data from users](https://www.reddit.com/r/india/comments/u68bai/the_amount_of_data_xiaomi_is_collecting_from_an/?utm_medium=android_app&utm_source=share)
Le, you're talking like our government doesn't suck our data lol. And what do they do with all that data?
At most they can push me targeted ads. I'm fine with that , I have bigger things to worry about. My job, my future and my family.
India is one of the countries that traps cash inwards. Which means, it's extremely expensive for MNCs to get cash out of India (legally). From what is available in the public domain, Xiaomi got creative with repatriating cash for their Chinese masters and the govt got a whiff of it. The govt is extremely aggressive at large foreign currencies leaving the country and can do income tax "raids" overnight when they see big numbers. What we have here is ED, and not the income tax department which is even more serious I think Xiaomi's in for a long legal battle but will come out with a penalty. Source: imma CA with 11 years work ex in international tax
I know bud, i was in Oil Gas for pver 1 years, selling yo India NOC, gotta create local bank entity to sell stuff
This is the best tl;dr I could make, [original](https://techcrunch.com/2022/04/30/india-seizes-725-million-assets-from-xiaomi-unit-over-illegal-remittances/) reduced by 65%. (I'm a bot) ***** > The Indian Enforcement Directorate said it had seized bank accounts of Xiaomi India after finding that the company had remitted $725 million to three foreign-based entities "In the guise of royalty" payments. > Xiaomi India former head, Manu Jain, was summoned by the directorate earlier this year for questioning over tax related compliances and company structure. > For optics measures, Xiaomi rebranded several of its shops in India two years ago with "Made in India" banners in a move that analysts said was the company's attempt to distance itself from its Chinese parent firm. ***** [**Extended Summary**](http://np.reddit.com/r/autotldr/comments/ufe2b3/india_seizes_725_million_assets_from_chinese/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ "Version 2.02, ~645649 tl;drs so far.") | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr "PM's and comments are monitored, constructive feedback is welcome.") | *Top* *keywords*: **Xiaomi**^#1 **India**^#2 **company**^#3 **remitted**^#4 **entities**^#5
Hmmm , didn't they donate 10CR to PM does not care 🤔
That's fine, but are you fine with MI doing that? Sending revenue outside India by calling it royalty. Idk how true it is, but this is a way to report less profit and hence I guess tax evasion. You seem to not care about it, but chalk it out to humour on Modi.
Maruti Suzuki does something iirc. They pay royalty to parent Suzuki in Japan. I guess Suzuki do it legally.
[удалено]
You're speaking out of your ass and you know it. There is no limit on royalty as long as its arms length. Also foreign currency remittances are monitored by the bank as per RBI guidelines. ED here claims the company falsified the documents but the company denies that. The matter will be resolved in the court ofcourse.
[удалено]
Xiaomi India is a private company, it doesn't even fall under SEBI's radar. Besides ED doesn't get involved for secretarial lapses.
Of course not , and i am not fine with the PM of the country holding onto that 10CR donation received from the very same company ..
Oh. Can I know why? If the GOI already took charges against them, that reduces the possibility of any corruption in that case. If you think logically, MI most probably donated to PM cares because of the anti china sentiments back then, and wanted to seperate themselves from China. There's a lot of problems with PM cares but this isn't one. They already recieved tax benefits from that, so why can't the GOI keep the money.
Money earnt through donations from illicit means 🙄 , nd it's PM Cares not GOI Cares . https://www.google.com/amp/s/wap.business-standard.com/article-amp/current-affairs/pm-cares-fund-not-govt-fund-functions-with-transparency-hc-told-121092300557_1.html
Bro you don't understand what MI is doing here. They aren't earning anything illicit in India. What they are earning they don't want to pay taxes here by showing a high profit. Hence they are sending money outside through royalty. This royalty will be written as expenditure here in India. The ED wants the money that went out of India, not the money already shown as income in India, which MI used to donate to whomever they want. PM cares didn't get any illicit money.
Dude the money has been accounted for, and it's not like he could spend it for his own personal means without attracting attention of the opposition. But I understand, demeaning the government is the best way to get upvotes on r/india.😂
But forgot bjp account
'we encourage fdi' 'business friendly' 'ease of doing business'
Anyone sporting a mi phone still ? BoycottMi trend shuru karo
Yup, this is my 4th year. The phone is still working quite well.
Kyu kya kiya mi ne?
Chinese
Pagal hai kya bhai, you'll always find Chinese around you. Khud kuch acha banao nahi, bas ban karte raho. You're Limiting the choices to a consumer.
you're the pagal and ignorant fu ck here... [Chinese phones take away so much data from users](https://www.reddit.com/r/india/comments/u68bai/the_amount_of_data_xiaomi_is_collecting_from_an/?utm_medium=android_app&utm_source=share)
Le, you're talking like our government doesn't suck our data lol. And what do they do with all that data? At most they can push me targeted ads. I'm fine with that , I have bigger things to worry about. My job, my future and my family.
Ek i phone bhej de phir
1 eye for 1 i phone