UK-based Cairn Energy PLC on Tuesday said it will drop litigations to seize Indian properties in countries ranging from France to the US, within a couple of days of getting a $1-billion refund resulting from the scrapping of a retrospective tax law. The firm termed “bold” the legislation passed last month to cancel a 2012 policy that gave the tax department power to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India.The offer to return money seized to enforce retrospective tax demand in lieu of dropping all litigations against the government “is acceptable to us,” Cairn CEO Simon Thomson said in an interview from London
Indian Americans
Indian American Economist Bharat Ramamurti joins Economic Liberties as Senior Adviser
WASHINGTON, D.C. (TIP): Indian American economist Bharat Ramamurti, former Deputy Director of the National Economic Council, has joined Economic Liberties Project, working to advance economic liberty, fair commerce, and a secure, inclusive democracy, as Senior […]
Asia
Non-residents will now have to pay in foreign currency for services in Sri Lanka, says central bank
Colombo (TIP) : Tourists travelling to Sri Lanka will now have to pay for their goods and services in foreign currency, the Central Bank announced on Thursday, as part of its efforts to inject more […]
India
Assembly elections : 2nd Phase: Over 80% turnout in Bengal, 77% in Assam
New Delhi (TIP): Sporadic violence was reported in West Bengal while Assam witnessed peaceful polling, barring a firing incident, as people exercised their franchise in large numbers in both states in the second phase of […]
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