India denies asking state banks to withdraw cash held abroad over Cairn dispute [Reuters]
CAPRICORN ENERGY UNSP/ADR (CRNCY)
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Source: Reuters
India denies asking state banks to withdraw cash held abroad over Cairn dispute By Reuters Staff 2 Min Read NEW DELHI (Reuters) - India’s government on Sunday denied asking its state-run banks to withdraw funds from their foreign currency accounts abroad on fears that Cairn Energy may attempt to seize the cash in a tax dispute, adding New Delhi was open to resolve the matter. London-listed Cairn is involved in a long-drawn out tussle with the Indian government over tax claims and was awarded damages of more than $1.2 billion by an international tribunal late last year. New Delhi has filed an appeal against the decision it calls “highly flawed”. Citing government officials and a banker, Reuters and other media reported on May 6 that the finance ministry had asked state-run banks to withdraw the foreign funds on concern that courts abroad could order that assets in their jurisdiction - including bank accounts - be remitted to Cairn. The ministry, which gave no comment at the time, call
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