India Asks State Banks To Withdraw Cash Abroad So Cairn Cannot Seize It
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India Asks State Banks To Withdraw Cash Abroad So Cairn Cannot Seize It

Newsdesk |
May 7, 2021

India has asked state-run banks to withdraw funds from their foreign currency accounts abroad, two government officials and a banker said, as New Delhi fears Cairn Energy may try to seize the cash after an arbitration ruling in a tax dispute. Cairn was awarded damages of more than $1.2 billion plus interest and costs in December in a long-drawn-out tussle with the Indian government over its retrospective tax claims.


New Delhi, 07 May 2021                                                                           

As per news report of NDTV, while New Delhi has filed an appeal, the London-listed firm has started identifying Indian assets overseas, including bank accounts, that could be seized in the absence of a settlement, which Cairn says it is still pursuing.

Source -NDTV

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