"We welcome the Budget 2024 announcement to reduce BCD on mobiles, PCBA & chargers, while simultaneously extending exemptions on inputs for smartphone manufacturing,” says President of Xiaomi India.
From its 52-week low of ₹2,555 on January 30, 2023, Dixon Tech stock has risen 136% in the last ten months to touch a new record high of ₹6,034.75 intraday today.
Chinese company to make display modules, fingerprint sensor
Dixon proposes to partner with Xiaomi India to carry out the manufacturing and export of mobile phones of Xiaomi.
On September 30, the competent authority under the FEMA issued an order to seize Xiaomi India’s assets worth over ₹5,551 crore.
Xiaomi India says royalty payments to Qualcomm were made under legitimate commercial agreements.
Uncertainty surrounding Xiaomi's regulatory predicament should raise a red flag for India, says Global Times.
The seizure was made in connection with illegal outward remittances made by Xiaomi, says ED.
It was found during investigation that Xiaomi India was not adding the royalty and licence fees paid to Qualcomm and Beijing Xiaomi Mobile Software in the transaction value of the goods imported.
