India court quashes tax dept's $448m block on Xiaomi's deposits

India court quashes tax dept's $448m block on Xiaomi's deposits

FILE PHOTO: A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. REUTERS/Francis Mascarenhas

An Indian court has quashed the income tax department’s block on China-based Xiaomi Corp’s fixed deposits worth 37 billion rupees ($447.65 million), two people familiar with court proceedings said on Friday.