Sign In
Learn bits
Polity & Governance
Pradeep Kumar

24/05/21 09:45 AM IST

GOI condemns False Reporting on Cairn Legal Dispute

In news

The Government of India has strongly condemned the false reporting in certain media by some vested interests.

Highlights
  • Government of India has purportedly asked state-owned banks to withdraw funds from foreign currency accounts abroad in anticipation of the potential seizure of such accounts with regard to the Cairn legal dispute.
  • Condemning all such source based reports as false, the Government of India said that these are totally incorrect reports which were not based on true facts.
  • Certain vested parties appear to have orchestrated such misleading reporting, which often relies upon unnamed sources and presents a lopsided picture of factual and legal developments in the case.
Government has raised several arguments that warrant setting aside of the award including but not limited to
  • The arbitral tribunal improperly exercised jurisdiction over a national tax dispute that the Republic of India never offered and/or agreed to arbitrate.
  • 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 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.
Source: PIB

More Related Current Affairs View All

20 Feb

The Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999

'Investors who were defrauded in the Torres Ponzi scam may receive about Rs 40 crore over the next six months.' The Mumbai Police’s Economic Offences Wing (EOW) has begun

Read More

18 Feb

Aravali safari park project

'The Haryana government’s ambitious 3,858 hectare Aravali safari park project spread across Gurugram and Nuh — which was one of the poll promises of the ruling Bharatiy

Read More

17 Feb

President’s rule function

'Recently,  four days after Manipur Chief Minister N. Biren Singh’s resignation, the Union government announced that President’s rule has been implemented in the v

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps