Finance ministry building
On Sunday, the center denied asking the state-owned banks to withdraw funds from their foreign currency accounts abroad over Cairn dispute that may attempt to seize the cash as a tax deduction. Center said New Delhi was open to resolving the issue.
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.” Citing government officials and a banker.
The ministry called the report false and said no such instructions were issued.
“Government of India is vigorously defending its case in this legal dispute ... Constructive discussions have been held, and the Government remains open for an amicable solution to the dispute,” the statement by the ministry said.
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