New Delhi: India has challenged in the Singapore High Court an international arbitration tribunal's verdict that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc, and the order passed in Cairn Group's case is under consideration of the government, Parliament was informed on Monday.
This includes 490 complaints against registered NBFCs
The Government on Monday informed the Lok Sabha that Reserve Bank of India has received complaints against 1,500 digital lending applications (popularly known as loan apps). It also informed the Lower House that there will be no change in service conditions of employees of BPCL post-disinvestment.
Loan app
In a written answer to a question in the Lok Sabha, Minister of State in Finance Ministry Anurag Singh Thakur said no data is captured by the Corporate Affairs Ministry regarding the number of registered companies providing online apps-based loan in the country at present. Meanwhile, the “RBI has intimated that it has received complaint against 1,509 digital lending applications,” he said. This includes 490 complaints against registered NBFCs which are operating digital loan apps, while 1,019 complaints are against unregistered/unregulated digital loan applications.
Cairn V. India - Investment Treaty Arbitration Friday, January 8, 2021
Introduction
On December 21, 2020, the international arbitral tribunal (Tribunal) constituted in the case of Cairn Energy Plc and Cairn UK Holdings Limited (collectively ‘Cairn’) v. The Republic of India1 held that India had failed to uphold its obligations under the 1994 Bilateral Investment Treaty between Republic of India and United Kingdom (India - UK BIT) and under international law. The Tribunal ordered India to compensate the Claimants for the total harm suffered by Cairn as a result of India’s breaches. Reports of passing of the award became public on December 23, 2020. The award is not in public domain, save for an excerpt.
India seems unwilling to exorcise the spectre of the retrospective tax provision that Pranab Mukherjee introduced in the 2012 budget in a pernicious attempt to nullify a Supreme Court verdict that had declared Vodafone PLC was not obliged to pay a $2 billion tax demand linked to its buyout of Hutchison Whampoa’s 67.5 per cent stake in the telecom venture in 2007. Last week, the issue surfaced once again when the Narendra Modi government decided to contest an arbitration award handed down by a Singapore court that had gone in favour of the telecom giant. The move is bound to spook foreign investors who have been sizing up opportunities in India.
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Govt Challenges Vodafone Arbitration Ruling in Singapore Court: Report
A man speaks on his mobile phone as he walks past logos of Vodafone painted on a roadside wall in Kolkata. (Reuters)
India has challenged in Singapore an international arbitration court s verdict against it over a $2 billion tax claim involving Vodafone Group Plc, a senior government official told Reuters on Thursday on condition of anonymity.
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India has challenged in Singapore an international arbitration court’s verdict against it over a $2 billion tax claim involving Vodafone Group Plc, a senior government official told Reuters on Thursday on condition of anonymity.