India has asked state-run banks to withdraw funds from their foreign currency accounts abroad, especially to 2 governance associate degreed banks as the government of India fears Cairn Energy might attempt to seize the money after an arbitration ruling in a very famous tax dispute. Cairn was awarded damages of\u00a0quite\u00a0$1.2 billion,\u00a0and\u00a0interest and\u00a0prices in December in a very\u00a0long-drawn-out tussle with the Indian government over its retrospective tax claims. While the government of India has filed an appeal, the London-listed firm has started\u00a0characteristic\u00a0Indian assets overseas\u00a0together with\u00a0bank accounts,\u00a0that would be sealed\u00a0within the\u00a0absence of a settlement,\u00a0that Cairn says. A Nostro account refers to an account a bank holds overseas at another bank within the\u00a0currency of that jurisdiction. Such accounts\u00a0are\u00a0used for international trade and to settle\u00a0alternative\u00a0exchange transactions. "Earlier\u00a0on the\u00a0steering\u00a0was sent to state-run banks to withdraw funds from their Nostro accounts,"\u00a0one in all\u00a0the govt.\u00a0officers, asked\u00a0to not\u00a0be named, told Reuters adding that the finance ministry had issued\u00a0the rules. The finance ministry\u00a0didn't\u00a0forthwith\u00a0reply to\u00a0requests for comment. A banker from\u00a0one in all\u00a0India's\u00a0twelve state banks\u00a0conjointly\u00a0asked\u00a0to not\u00a0be\u00a0known, confirmed the ministry had sent the orders and\u00a0the government\u00a0was\u00a0involving\u00a0courts abroad\u00a0might\u00a0order funds in their jurisdiction be remitted to Cairn. The Indian Banks' Association, is a\u00a0business\u00a0body representing lenders,\u00a0didn't\u00a0forthwith reply to the letter of invitation for comment where a minimum of\u00a02\u00a0state banks\u00a0conjointly\u00a0didn't\u00a0respond,\u00a0whereas\u00a0others\u00a0couldn't\u00a0be reached outside\u00a0of standard\u00a0workplace\u00a0hours. Cairn\u00a0same\u00a0in\u00a0Feb\u00a0it had been\u00a0discussing\u00a0many\u00a0proposals with\u00a0the govt.\u00a0to search out\u00a0an answer. "Cairn continues\u00a0to possess\u00a0constructive engagement with\u00a0the government of\u00a0India and sent a voice\u00a0for\u00a0the corporate\u00a0same but the second Indian government official same talks between Delhi of India\u00a0and Cairn were\u00a0creating\u00a0very little\u00a0progress and\u00a0same\u00a0the ministry's request to banks showed\u00a0the government \u00a0was\u00a0disturbed\u00a0that\u00a0Brits\u00a0firm\u00a0might\u00a0move quickly to seize assets Modi's government has the same views that it'd not create retrospective tax claims in future however it's defended outstanding cases.