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Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

Business News

Government will examine Vodafone notice: Mukherjee

Wednesday - Apr 18, 2012, 03:02pm (GMT+5.5)
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Government will examine Vodafone notice: MukherjeeNew Delhi -  Finance Minister Pranab Mukherjee has said the Central Government will examine and study Vodafone's legal notice before proceeding with appropriate action over ongoing taxation row.

" That it is their prerogative, what they will do. We shall have to examine it. I just cannot respond. After all, as a legal entity, they are entitled to take legal courses," Mukherjee told media here.

Telecom group Vodafone had on Tuesday issued a notice to the Indian Government under Bilateral Investment Protection Treaty over retrospective tax proposal announced by Mukherjee in the Union Budget 2012-13.

The company says the proposal in the budget to tax transactions with retrospective effect amounts to denial of justice.

Calling the proposal a breach of obligation under the bilateral investment treaty, Vodafone asked the Indian Government to abandon or amend the retrospective proposal in the Finance Bill.

UK-based mobile operator Vodafone purchased Hong Kong-based Hutchison's telecom business, which included operations in India, in 2007 for about 11.2 billion dollars.

Indian income tax authorities said the deal will attract tax on it and sought Rs.11, 000 crore from Vodafone, which challenged the move.

The Supreme Court ruling held that Vodafone wasn't liable to pay tax on the deal, following which the government has proposed to amend the tax laws retrospectively to bring such deals into the  tax  net.


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