TamilXiaomi India paid Rs 4,663 cr to Qualcomm as royalty remittance
17 May 2022, 12:11 pm
(FILES) In this file photo taken on August 20, 2019, customers inspect smartphones made by Xiaomi at a Mi store in Gurgaon, India. - Chinese electronics firm Xiaomi has overtaken Apple as the number two global smartphone maker in a sizzling market with consumers emerging from lockdowns, a new survey showed. Xiaomi surged to the number two position for the first time ever with a 17 percent share as sales jumped 83 percent, according to Canalys. (Photo by Sajjad HUSSAIN / AFP)
After the Enforcement Directorate (ED) seized nearly Rs 5,551.3 crore from Xiaomi India under Foreign Exchange Management Act (FEMA) for illegal remittances to foreign entities, reliable sources said on Monday that about 84 per cent of the seized royalty remittances were made to US-based chip maker Qualcomm Group.
Sources close to the development told IANS that approximately Rs 4,663.1 crore were paid to Qualcomm via proper banking channels.
Xiaomi uses Qualcomm chipsets in the majority of its devices, and pays royalty to the US-based major for various licensed technologies that include standard essential patents and other intellectual property (IP), beyond just using its chipsets.e
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