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Govt asks PSBs to protect dollar assets on Cairn concern: Report

The banks' decision to avoid adding more dollars to their offshore account has roiled India's exchange rate in recent days

cairn, oil and gas
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UK-based Cairn can push authorities to impound Indian assets if India declines to honor an arbitration ruling in a $1.2-bn tax dispute, according to a letter the company sent to the Indian High Commission in the UK earlier this year

Bloomberg
Indian authorities asked state-run banks to protect their dollar deposits on concern they could be frozen if Cairn Energy Plc moves to seize India’s offshore assets as part of a tax dispute, according to people with knowledge of the matter.

Lenders aren’t committing to US dollar purchases in the forwards market since this guidance last week, the people said, asking not to be identified discussing private deliberations. UK-based Cairn Energy can push authorities to impound Indian assets if India declines to honor an arbitration ruling in a $1.2 billion tax dispute, according to a letter the company sent to the

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