In a move to safeguard assets overseas from the threat of Cairn seizing them the Govt has asked state run banks to reduce cash holding in overseas accounts as per ET.
Govt though is looking to appeal is liable to pay Cairn $1.2 billion in damages in a long drawn-out tussle over retrospective tax claims.
Cairn has registered its claim against India in courts in the United States, Britain, France, the Netherlands, Singapore and Quebec, moves that could make it easier to seize assets and enforce the billion dollar award.