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The ED seizes ₹5,551 crore from Xiaomi’s bank accounts in China

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The ED seizes ₹5,551 crore from Xiaomi’s bank accounts in China

On Saturday, the Enforcement Directorate announced that it had seized $5,551.27 crore from Xiaomi Technology India Pvt Ltd, a ‘wholly-owned subsidiary of the China-based Xiaomi group’, under the Foreign Exchange Management Act of 1999. The money was seized in February in connection with alleged ‘illegal outward remittances’ in bank accounts belonging to the Chinese smartphone giant, according to the investigation agency.
“Xiaomi India is a wholly-owned subsidiary of the Xiaomi Group, based in China. The Enforcement Directorate seized the money from the company’s bank accounts, totaling Rs 5,551.27 crore “In a statement, the agency said.

“Under the guise of royalty, the company has remitted foreign currency equivalent to 5,551.27 crore to three foreign based entities, one of which is a Xiaomi group entity,” the ED said. According to the ED, such large sums in the name of royalties were remitted on the orders of Chinese “parent group” entities.

According to the ED, Xiaomi India receives fully assembled mobile phones and other products from Indian manufacturers, but has not received any services from the three foreign-based entities to whom the funds were transferred.

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“Under the cover of various unrelated documentary façades created amongst the group entities, the company remitted this amount in the guise of royalty abroad, which is a violation of section 4 of the FEMA,” according to the agency.

Xiamoi has also been accused of giving banks “misleading information” when remitting money overseas.

It had summoned former India managing director Manu Kumar Jain for questioning. Reuters reached out to Jain and the agency for comment, but neither responded.

According to Reuters, Xiaomi complies with all Indian laws and is “fully compliant with all regulations.” “We’re working with authorities on their ongoing investigation to make sure they have all of the information they need.”

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The ED is investigating existing business structures between Xiaomi India, contract manufacturers, and the parent entity in China, according to a Reuters report.

According to Reuters, fund flows between Xiaomi India and its parent company are being scrutinised, including royalty payments.

Xiaomi was India’s top smartphone seller in 2021, with a 24% market share.

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Music

While a Punjabi vocalist croons, PM Modi replicates Diljit Dosanjh’s beats and beats the table like a dholak. Observe

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While a Punjabi vocalist croons, PM Modi replicates Diljit Dosanjh’s beats and beats the table like a dholak. Observe

Prime Minister Narendra Modi recently met acclaimed singer- actor Diljit Dosanjh, describing their interaction as “very memorable.” 
Prime Minister Narendra Modi met singer-actor Diljit Dosanjh and lauded him as “a combination of talent and tradition.” During the “memorable’ meeting”, the two discussed music, culture, and India’s vibrancy, including yoga.

Diljit, PM Modi match beats

During the meeting, PM Modi praised Diljit for his achievements, saying, “When a boy from a small village in Hindustan shines on the global stage, it feels amazing. Your family named you Diljit, and you keep on winning people’s hearts, just as your name suggests.”

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Diljit responded, “We used to read that ‘Mera Bharat Mahan’ (My India is great), but when I travelled across India, I realised why people say this.” PM Modi highlighted India’s diversity, saying, “India’s vastness is its strength. We are a vibrant society.”

Diljit added, “The greatest magic in India is yoga.” PM Modi agreed, saying, “Those who have experienced yoga know its power.”

The singer-actor also admired PM Modi’s personal journey, saying, “I had watched your interview, sir. The position of Prime Minister is great, but behind it, there is a mother, a son, and a human being. Many times, this half-truth is much larger when you carry your mother and the sacred Ganga with you. That touches the heart.”

Diljit then sang a song on Guru Nanak, as PM Modi listened intently, beating the adjacent table like a dholak, matching his beats with Diljit’s.

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Diljit, PM Modi express grattitude

After the meeting, Diljit Dosanjh expressed his gratitude, calling it a “fantastic” way to start the year. He posted on X, “A fantastic start to 2025. A very memorable meeting with PM @narendramodi Ji. We talked about many things, including music, of course!”

PM Modi responded to Dosanjh’s post, describing their meeting as “a great interaction.” He said, “A great interaction with Diljit Dosanjh! He’s truly multifaceted, blending talent and tradition. We connected over music, culture, and more.”

Diljit recently concluded his Dil-Luminati tour in India with a grand performance in Ludhiana. Throughout his concerts at various venues, the singer aimed to address important social issues during his performances.

In a lighthearted and endearing moment, Prime Minister Narendra Modi was seen enjoying the beats of a Punjabi vocalist, tapping the table in rhythm like a dholak player during a recent cultural event. The video, which has since gone viral, showcases PM Modi replicating the infectious energy of Diljit Dosanjh’s iconic beats, capturing the essence of Punjabi music’s vibrancy and rhythm.

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The event brought together various cultural performers, with one Punjabi vocalist stealing the spotlight. As the singer crooned traditional Punjabi tunes, PM Modi, seated among other dignitaries, began enthusiastically tapping the table in sync with the music. His gestures resembled a seasoned dholak player, displaying his spontaneous connection with the pulsating beats.

The audience present erupted in applause, cheering on the Prime Minister’s engaging participation. Social media users were equally charmed, with many praising Modi’s ability to connect with the cultural diversity of India. “Modi Ji has the rhythm of a true Punjabi!” one user commented, while another said, “This is the energy we love to see in our leader.”

The moment also highlighted PM Modi’s commitment to celebrating India’s rich cultural heritage. His natural enjoyment of the performance reflects his appreciation for the art and music that unify the diverse communities of India.

Such lighthearted and relatable gestures from leaders often resonate deeply with the public, making them feel connected on a personal level.

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#PMModi #DiljitDosanjhBeats #PunjabiMusicVibes #CulturalCelebration #DholakBeats #IndiaUnity #MusicConnects #ViralMoment #PMModiInAction #PunjabiHeritage

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