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India seizes over $700mln from China's Xiaomi for moving money illegally

China's biggest tech company, however, says all its operations are firmly compliant with local laws and regulations

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India seizes over $700mln from China's Xiaomi for moving money illegally
GNN Media: Representational Photo

India has seized more than $700 million from one of China's biggest tech companies after accusing it of moving money out of the country illegally.

In a statement on Friday, India's Enforcement Directorate — the country's main financial investigation agency — accused the Indian subsidiary of smartphone maker Xiaomi of violating foreign exchange laws by making "illegal remittances."

The agency said Xiaomi India, acting on the instructions of its parent company, "had remitted foreign currency equivalent to [55.5 billion rupees, $726 million] to three foreign based entities which include one Xiaomi group entity in the guise of royalty."
 
 Xiaomi started its operations in India in 2014 and started remitting money a year later, the agency added. The Indian authorities have now seized an equivalent amount of funds "lying in the bank accounts of the company."

"Xiaomi India procures the completely manufactured mobile sets and other products from the manufacturers in India," the Enforcement Directorate said. "Xiaomi India has not availed any service from the three foreign based entities to whom such amounts have been transferred," the agency added.

It also accused the company of providing "misleading information to the banks while remitting the money abroad."

Xiaomi India, which distributes Mi-branded smartphones, said in a statement that "all our operations are firmly compliant with local laws and regulations." In a Twitter post on Saturday, the company said it believed that the royalty payments and statements it made to the bank were "all legit and truthful."
 
The payments were made for "in-licensed technologies and IPs used in our India version products."

India has been getting tough with Chinese companies since border tensions escalated between the world's most populous countries two years ago. In 2020, India banned more than 200 apps — many of which were Chinese, including the wildly popular video platform TikTok.

Earlier this year, India again banned several Chinese apps, belonging to tech companies such as Tencent (TCEHY), Alibaba (BABA) and NetEase (NTES). In response, Beijing had said that it was "seriously concerned" about actions India has taken against Chinese companies.

SOURCE: CNN INTERNATIONAL

Faisal Ali Ghumman

Mr. Ghumman is a seasoned journalist who has 19 years of diversified experience in print, electronic and digital media. He has worked with 92 News HD, Daily Pakistan Today, Daily The Business, Daily Dawn, Daily Times and Pakistan Observer as News Reporter, Feature Writer, Editor, Web Content Editor and Article Writer. Mr Ghumman has graduated from the Bahauddin Zakariya University Multan and is currently enrolled in M.Phil in Mass Communication at the University of Punjab.

Pakistan

‘Pak-Turk-Kazakh Youth Forum on Biotech’ to be held in Sept

The event will include informative talks from young as well as the experienced scientists of the three countries.

Published by Mehak Javed

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‘Pak-Turk-Kazakh Youth Forum on Biotech’ to be held in Sept

Islamabad: Three-day `Pakistan-Turkey-Kazakhstan Youth Forum on Biotechnology’ will be arranged in September with emphasis on increasing the share of Muslim countries in biotechnology global market.

The forum, to be held from September 13-15, is being sponsored by COMSTECH-the OIC Standing Committee for Scientific and Technological Cooperation, Islamic Organization for Food Security (IOFS) and Islamic Cooperation Youth Forum (ICYF), an official said. 

The global biotechnology market is anticipated to reach a market value of US$ 775 billion by 2024 with an annual growth rate of 7.7%. Increased spending in biotechnology research and development, favourable initiatives by governments, global food security and the increasing need for emerging technologies are some of the factors influencing this growth.

Unfortunately, the share of Muslim countries in this global market of biotechnology is very little which needs to be increased.

This proposed tripartite youth forum (Pakistan-Turkey-Kazakhstan) will help promote excellence and competence in the field of agricultural biotechnology among Muslim countries.

The theme of the forum “Agriculture Biotechnology” aims at providing the best knowledge and resources to young participants to advance their research goals, the official informed.

The youth forum will stimulate the desire to collaborate and change the world of agricultural biotechnology and innovation by promoting state-of-the-art practices in biotechnology research and promoting evidence-based practices.

The event will include informative talks from young as well as the experienced scientists of the three countries.

The event will also include keynote lectures, plenary sessions, oral and poster presentations, discussions and other educational and social events that stimulate several networking opportunities among the young participants of Pakistan, Turkey and Kazakhstan.

The official highlighted that the forum aims to facilitate interactions within the young research community to discuss the latest developments in this rapidly advancing field and find ways to respond to the increasing demands of professionals and communities across the world.

The academics, students and researchers from the OIC countries may apply, while only participants from Kazakhstan, Pakistan and Turkey are eligible for the limited funding available for travel and local hospitality.

This youth forum is planned to be a hybrid event (Physical and virtual), while candidates are required to give their preference in the form.

The participants from all the member OIC states, who can bear their travel expenses may register for the forum and get ticket funding from their parent organizations.

The topics to be covered during the forum include Genome editing and new breeding technologies, large scale genomics and genomic selection in crop and livestock breeding, speed breeding for rapid genetic gain, variants of Cas proteins and their potential applications and high throughput phenomics.

SOURCE: APP

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Will not bow before Imran’s dictation: PM Shehbaz Sharif

"If the PTI was merely concerned about the election, they should have come to the parliament."

Published by Siddra Sumreen

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Will not bow before Imran’s dictation: PM Shehbaz Sharif

Islamabad: Prime Minister Shehbaz Sharif Thursday vowed not to bow before the dictations of ex-Prime Minister Imran Khan and made it clear that the National Assembly would, not anyone else, would decide the timing of the election.

“I want to make it clear to the head of this gang that none of his dictation will be accepted. This House will decide when to hold fair election,” the prime minister said addressing the National Assembly hours after Pakistan Tehreek-e-Insaf Chairman Imran Khan ended his long march here, giving the government a six-day deadline to announce a fresh election.

The prime minister said if the PTI was merely concerned about the election, they should have come to the parliament.

“Imran Niazi should not have any misunderstanding. There are 14 months (to complete the parliament’s term). We are open to talks. Dialogue is the trait of politicians. I can constitute a committee. But, if you think you will pressurize, blackmail or threaten us to leave the government, keep in mind, we will not bow before your pressure or dictation,” he reiterated.  

He accepted that the country was faced with numerous challenges but the coalition government would try its utmost to steer the country out of the issues it had inherited from the previous government.

Lamenting the riots and destruction caused by the participants of the PTI long march, the prime minister said the House should choose between the course of development or destruction.

Drawing a comparison between the economic growth of the two neighboring countries, he said in 1990s India copied Pakistan’s economic strategy and excelled with its IT exports touching $200 billion against $1.5 billion of Pakistan.

He said the protestors who also carried weapons to bring to the federal capital, also damaged infrastructure here and burnt down the trees despite the party claiming to be the champion of 10 Billion Tree Tsunami.

He also condemned the killing of a police constable in Lahore, sympathized with the grieved family and also announced an assistance package for the policemen who were martyred or injured in the line of their duty.

He said instead of showing some compassion to the widow or orphaned children of the martyred police constable, the PTI leader taunted him.

Calling it a 126-day theatre, the prime minister said the PTI’s sit-in in 2014 had not only impacted the national economy but also claimed the lives of the security personnel.

He told the House that the law enforcement agencies showed maximum restraint to control the situation only by using teargas or rubber bullet. The government also called in the army troops to aid the civilian setup, he added.

He also lauded the performance of the Islamabad Police, Rangers, FC, Islamabad Traffic Police and other departments concerned to protect the lives and properties of the people.

The prime minister said the PTI long march, which was led by Imran Khan from Peshawar and accompanied by KPK chief minister, was in fact an attack at the federation which could not be allowed in any civilized society.

The prime minister said after the nation sacrificed thousands of lives and left many others disabled, the slogan of jihad was raised in Peshawar by the PTI.

“Today, the slogans of jihad were raised in Peshawar. Jihad against whom? The nation needs an answer. They used the religion for personal gains which the House should condemn through a resolution to avert the recurrence of such incidents” he commented.

He said despite the dearth of resources, the previous government reduced the oil prices, leaving behind a “landmine” for the incumbent government.   

The prime minister said during the last three and half years, the PTI leadership did nothing to support the poor, closed PKLI, and ended free medical treatment of hepatitis patients.  

“Does it require any more evidence to believe that he is an enemy of Pakistan,” he remarked.

The prime minister also questioned the PTI leader as to why he announced a long march on May 25 despite knowing that it coincided with the sentencing of Kashmiri leader Yasin Malik by an Indian court.

He said the House was unanimous to condemn the sentence to Yasin Malik and shared the grief of his family, besides reiterating Pakistan’s stance to continue supporting the people of Kashmir for their right to self-determination.

He recalled the PTI’s sit-in of 2014 when the institutions including Pakistan Television was attacked and caused the postponement of Chinese President Xi Jinping which also delayed the signing of the China Pakistan Economic Corridor for seven months.

He said the Chinese firm executing Karot Hydropower project had agreed to provide free electricity to the national grid till the finalization of the Commercial Operations Date which would save Rs4 billion to the national kitty.

He said the previous government wasted three and half years in mere attacking the national institutions including the judiciary and hurling allegations ignoring the sufferings of the people.

“How long this drama will continue? How long this disturbed nation will tolerate it,” he questioned adding the country could not afford the history of the 2014 sit-in to be repeated.

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Quddus Bizenjo to stay as CM after no-confidence motion fails

Jamal Kamal-led group could muster the support of only 11 members

Published by Siddra Sumreen

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Quddus Bizenjo to stay as CM after no-confidence motion fails

Quetta: The opposition in Balochistan Assembly failed to table the no-confidence motion against Chief Minister Abdul Quddus Bizenjo after its failure to grab the support of required lawmakers.

According to details, the motion couldn’t even be tabled after it failed to get the support of the 20 percent of the house members - 13 members in the 65-members house.

The session started with Deputy Speaker Sardar Babar Khan Musakhail in the chair who asked former provincial minister Mir Zahoor Buledi to read out the motion.

After the motion was read, Musakhial asked the members in support of the motion to raise their hands. Only 11 members voted in favor of the motion.

The motion against Bizenjo was in the provincial assembly on Monday last week with the support of some lawmakers from his own party.

The motion was signed by 14 members, including Bizenjo’s predecessor Jam Kamal of the Balochistan Awami Party (BAP).

The motion was presented by PTI parliamentary leader Sardar Yar Muhammad Rind.

It is to be noted here that Abdul Quddus Bizenjo was elected as the Chief Minister of Balochistan after the provincial assembly passed a motion of no-confidence against former chief minister Jam Kamal Khan a few months ago in October 2021.

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