top of page
Search
  • Author

FinMin asks PSU banks to keep high vigil on any attempt to seize funds by Cairn

Cash of Indian banks lying in nations such as the US and the UK are said to be easy target for seizing and enforcing the arbitration award


New Delhi: The finance ministry has asked public sector banks (PSBs) to be on high vigil against any attempt being made to seize their overseas deposits to recover USD 1.2 billion that the UK's Cairn Energy plc has been awarded against India levying retrospective taxes, sources said.


Cairn had previously stated that it can seize Indian assets abroad if it is not paid USD 1.2 billion plus interest and cost that an international arbitration panel had awarded against levy of retrospective taxes.


Cash of Indian banks lying in nations such as the US and the UK are said to be easy target for seizing and enforcing the arbitration award.

12 views0 comments

Comments


bottom of page