New Delhi: The Government of India has dismissed media studies and clarified that it didn’t ask the state-owned banks to withdraw funds from overseas foreign money accounts held overseas in anticipation of the potential seizure of such accounts with regard to the Cairn authorized dispute.
The Ministry of Finance in an official assertion on Sunday mentioned that reporting in sure media by some vested pursuits are “totally incorrect” and “not based on true facts.” The centre mentioned that it vigorously defends the case on this authorized dispute.
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“Government of India is vigorously defending its case in this legal dispute. It is a fact that the Government has filed an application on March 22, 2021 to set aside the highly flawed December 2020 international arbitral award in The Hague Court of Appeal,” the assertion learn.Â
It additional mentioned that the central authorities has raised a number of arguments that warrant setting apart of the award together with however not restricted to a few issues.Â
“One is the arbitral tribunal improperly exercised jurisdiction over a national tax dispute that the Republic of India never offered and/or agreed to arbitrate. Second is the claims underlying the award are based on an abusive tax avoidance scheme that were a gross violation of Indian tax laws, thereby depriving Cairn’s alleged investments of any protection under the India-UK bilateral investment treaty. The third is the award improperly ratifies Cairn’s scheme to achieve Double Non-Taxation, which was designed to avoid paying taxes anywhere in the world, a significant public policy concern for governments worldwide.”Â
As per the assertion, the continuing is pending and the Centre is dedicated to pursuing all authorized avenues to defend its case on this dispute.Â
