OPINION, P10 FE LINES LEISURE Indianness is citizenship,not caste Travel without a footprint ART OF THE UGLY An aural immersive presents the stories of waste pickers at a landfill and a website brings forth the tediousness of a housewife’s life Page 5 ACROSS THE AISLE , P CHIDAMBARAM Sustainability is need of the hour, more so when it comes to travel Page 7 SPOTLIGHT Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XXI NO. 27 HOUSE OF PREMIERS FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, MAY 1, 2022, 22 PAGES, `10 (PATNA `10, RAIPUR `10) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , FEMA VIOLATIONS ALLEGED ED seizes `5,551 cr deposits of Xiaomi ● Company says all payments ‘legit & truthful’ WHAT'S INSIDE ■ WORDS WORTH, P4 The battle continues In excerpts from A Brief History of Equality, author Thomas Piketty outlines the factors that will determine the quest for equality FE BUREAU New Delhi, April 30 THE ENFORCEMENT DIRECTORATE said on Saturdayit has seized `5,551 crore bank deposits of Chinese mobile manufacturing firm Xiaomi Technology India for violating the foreign exchange management Act (FEMA). “ED has seized `5551.27 crore of Xiaomi Technology India Private Limited lying in the bank accounts under the provisions of FEMA, 1999, in connection with the illegal outward remittances made by the company,” the ED statement said. Xiaomi reacted by stating its operations are compliant with Indian laws, and it believes the royalty payments “are all legit and truthful”. It added it willworkwithIndian authorities to “clarify any misunderstandings”. The government has been acting tough against Chinese Checking the dragon ED says company remitted this amount in guise of royalty abroad, a violation of Section 4 of FEMA Company says working with authorities Govt acting tough against Chinese firms ever since the India-China border skirmish Chinese apps were banned and tough norms enforced for investments and business by companies based in China firmseversincetheIndia-China border skirmish. All Chinese apps were banned and investments by companies based in China need prior government approval, besides Chinese telecomequipmentmanufacturers losing business in India due to strict norms laid down by the government. Further, the government’s productivity-linked incentiveschemesareaimedat wooing global manufacturers in areas of electronics,technology and other manufacturing spheres to relocate their bases from China to India. Xiaomi India is a whollyowned subsidiary of ChinabasedXiaomi Group. Continued on Page 2 A new museum recognises the contributions of all the former PMs of India P 8-9 READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , L U C K N O W , NV Ramana on Saturday termed governments as the ‘biggest litigants’, accounting for nearly 50% of pending cases, and said the ‘docket explosion’ is due to non-performance of various wings of the executive and the legislaturenotrealisingitsfullpotential. Speaking at the inaugural REUTERS Bengaluru, April 30 Chipping in ■ Seeking incentives such as 1,000 acres of free land, and cheaper water and power from state govts VEDANTAIS IN talkswithbanks to raise debt of $2.5-$3 billion to bolster its semiconductor and display manufacturing plans,as it races to become the country’sfirstchipmaker,atop company official told Reuters on Saturday.The oil-to-metals conglomerate decided in February to diversify into chip manufacturing and formed a joint venture with Taiwan’s Foxconn. It has a total planned investment outlay of $20 billion. Vedanta is seeking incentivesfromthegovernmentand is also in talks with several ■ Plans to raise bank debt after getting subsidies, and once its definitive agreements are in place Company has a total planned investment outlay of $20 billion states.After getting subsidies, and once its definitive agreements are in place, the companyplanstoraisebankdebtof $2.5 to $3 billion. “We have financialbankingrelationships ■ Expecting a return on investment of 10-15% over 15-20 years across India.We are talking to them,” said Akarsh Hebbar, Vedanta’s global managing director of display and semiconductorbusiness. Vedanta is seeking incen- KIRAN RATHEE New Delhi, April 30 TELECOM OPERATORS HAVE ODD & EVEN session of the joint conference of chief ministers and chief justices of high courts, the CJI rued that court decisions remainunimplementedbythe government for years, resulting in contempt petitions which have become a new catROHNIT PHORE egory of burden on courts.The deliberateinactionsbygovernments, despite judicial pronouncements,are not good for the health of democracy, he added. Continued on Page 2 Continued on Page 2 expresseddisappointmentover the Digital Communications Commission’s (DCC’s) decision to approve the reserve price for 5G spectrum as proposed by theTelecomRegulatoryAuthority of India. Though the industry has not officially commented on the matter as a final announcement by the government is awaited on account of some pending procedural formalities,it plans to write to the departmentoftelecommunicationsthatpricingneedstoberelooked if the country wants to reap the full dividends of 5G technology. DCC, the highest decision-making body of the departmentoftelecommunications,atitsmeetingonApril29, decided that the prices recommended by the Trai did not need anydownward revision. Mixed response ■ Express satisfaction on decision on pvt networks ■ DCC has decided that the prices recommended by the Trai did not need any downward revision ■ It said the telcos be given the choice of either buying spectrum for 20 years or 30 years Continued on Page 2 “ Gao Miyan Malhar Yaa Bhimpalasi, Cough Syrup Hai T Alvida Toh Khansi of use of technology in governance, PM Narendra Modi said the government is looking at bringing technology in the judicial system as part of Digital India, adding the e-courts project was being implemented.Makingastrong pitch formediation as an important toolto resolve pendency of cases, the PM said the government hadintroducedtheMediation Bill as an umbrella legislation. Page 2 PTI tives such as 1,000 acres (405 hectares) of free land, and cheaper water and power from stategovernmentsaspartofits foray into semiconductors and displays, Reuters exclusively reportedonThursday.Speaking during an interview on the sidelines of India’s first semiconductor conference, being held in the tech hub of Bengaluru, Hebbar said the companywas expecting a return on investment of 10-15% over 15-20 years.“Breakeven may happensomewhereinthemiddle, and we will start getting profits slowly after that,” he said. Telcos upset with nod to Trai 5G price REITERATING HISVISION PM Narendra Modi with CJI N V Ramana during a press conference at Vigyan Bhawan in New Delhi on Saturday P U N E “ CHIEF JUSTICE OF India (CJI) D E L H I , Vedanta in talks to raise up to $3 bn E-courts soon: PM FE BUREAU New Delhi, April 30 N E W BOOST TO SEMICONDUCTOR PLANS Govt is biggest litigant: CJI Ramana ● Says docket explosion due to inefficient executive, legislature M U M B A I , IN THE NEWS Total outstanding borrowings at `4,543 crore: Future Enterprises FUTURE ENTERPRISES (FEL), another Future Group company, on Saturday said it has total outstanding borrowings of `4,542.96 crore as of March 31, reports fe Bureau in Mumbai. This takes the total outstanding borrowings disclosed by Kishore Biyani-led Future Group companies to `11,017.94 crore. Earlier on Friday, three Future Group companies — Future Retail(FRL), Future Lifestyle Fashions (FLFL) and Future Supply Chain Solutions (FSCS) — had stated their total outstanding borrowings stood at `6,474.98 crore. As of March 31, FRL had a total outstanding of `4,876.88 crore, the company said. Details on Page 3 /TorexSyrup Advertisers seek relief as IPL ratings slide ● Migration to OTT and viewer fatigue have reduced TV viewership CHRISTINA MONIZ Mumbai, April 30 THE 2022 EDITION of the ongo- ingIndianPremierLeague(IPL) seems to have started off on a sticky wicket, with TV viewershipacrossagegroupsfallingby over 30% in the first three weeks of the season, according to media planners who cited BARC data. While the fourth Cricket overdose TV viewership fallen by over 30% in the first three weeks of the season Fall in viewership could be attributed to a cricket overdose over the past 12-18 months Ad rates were hiked by about 15% this season The fourth week has seen a marginal improvement of 9% over the third week has seen a marginal improvement of 9% over the third, the low ratings are still a matter of concern for advertis- Established brands have reduced their investments in the property over the last few seasons ers. Sources said advertisers wereaskingbroadcasterDisney Star India to compensate them for the drop in viewership,con- Maruti Suzuki has shrunk its IPL investments to `25 crore this year as opposed to `93 crore in 2019 sideringthatadrateswerehiked byabout 15% this season. Continued on Page 2 COUGH SYRUP HAI TO ALVIDA KHANSI For more information, please contact : +91 97792 14455, +91 73199 35154 (Whatsapp) / firstname.lastname@example.org New Delhi
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