In March 2019, Xiaomi launched Mi Pay in India.
At that time there were more than 20 million registered users of this app in the country alone.
Xiaomi is facing severe scrutiny in India for alleged tax evasion.
New Delhi. Chinese smartphone maker Xiaomi Corporation has closed its financial business in India. The company recently removed the Mi Pay and Mi Credit apps from the Play Store and its App Store in the country. Mi Pay, which allowed users to transact on the country’s UPI payment network, has also been removed from the list of UPI apps approved by NPCI.
The sudden closure of the financial services division of Xiaomi is a major setback for the company. In March 2019, Xiaomi launched Mi Pay in India. According to company officials, at that time there were more than 20 million registered users of this app in the country alone.
Also read- First time such offer! Smart Speaker worth Rs 6 thousand is available for free with Xiaomi’s powerful Smart TV
Alleged tax evasion against Xiaomi
A company spokesperson told Reuters news agency, “During the annual strategic assessment, the main
We closed MI Financial Services in March 2022 to focus on business services.”
Actually Xiaomi is facing strict investigation in India due to alleged tax evasion. In April, India’s Central Investigation Agency took over $676 million worth of Xiaomi assets. It was claimed in the investigation that the company had illegally sent money abroad as royalty. However, the Chinese smartphone company had denied the allegations.
Tension increased after Galwan Valley dispute
Let us inform that after the military conflict on the border in eastern Ladakh in June 2020, political tension between India and China has increased, due to which it has become difficult for many Chinese companies to do business in India. After the Galwan Valley incident, India has banned more than 300 Chinese apps.
These include popular apps like TikTok, citing security concerns, and have also tightened rules for Chinese companies investing in India.
Tags: business news, Xiaomi, Xiaomi Smartphones
FIRST PUBLISHED : October 30, 2022, 16:18 IST