Xiaomi broke the law in India, for which it faces a fine of $ 2 billion

Due to unauthorized transfer under the guise of royalties to a foreign account

The Tech Outlook reports that Xioami has serious problems in India, which will cost it $ 2 billion. 

Xiaomi broke the law in India, for which it faces a fine of $ 2 billion

The Enforcement Authority said on Friday that it had notified Xiaomi of violations of the Foreign Exchange Act. According to the source, Xiaomi is accused of violations totaling about $660 million. To be more precise, we are talking about an unauthorized transfer of such an amount under the guise of royalties to a foreign account. 

The management has already arrested the corresponding amount in the accounts of Xiaomi Technology India Private Limited. However, the problem is that, according to the law, in order to continue operating in India, the company will have to pay a fine of just over $ 2 billion.