Tech Insider: Xiaomi Cleared to Tap India Funds, Nio to Start Singapore Trading
Welcome to Caixin’s Tech Insider, your twice-weekly wrap on the movers, shakers and deal-makers in China’s tech scene.
Xiaomi’s India unit cleared for operating funds until May 23
A court in India on Thursday issued an order allowing Xiaomi Corp.’s Indian subsidiary to make certain payments through its local bank accounts until May 23.
The Directorate of Enforcement, a money laundering watchdog under India’s Ministry of Finance, seized $725 million from Xiaomi’s bank accounts in India, citing investigation of allegedly illegal money transfers.
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