India refunds ₹7,900 cr to UK's Cairn Energy to settle retrospective tax dispute

The Indian government has refunded ₹7,900 crore to Britain's Cairn Energy Plc to settle a dispute over the levy of retrospective taxes, the company said on Thursday. Cairn, now known as Capricorn Energy Plc, said, "Net proceeds of $1.06 billion have been received." In August 2021, India brought a law to scrap all retrospective tax demands and refund money collected.