Govt asks PSBs to withdraw cash abroad so Cairn can’t seize it

New Delhi: The Union government has asked state-run banks to withdraw funds from their foreign currency accounts abroad, reports 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.

The advice from Indian authorities came ahead of a summit on Tuesday between Indian Prime Minister Narendra Modi and his UK counterpart Boris Johnson.

 

NT Bureau