{"id":413749,"date":"2021-05-06T09:04:35","date_gmt":"2021-05-06T03:34:35","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=413749"},"modified":"2021-05-06T09:45:13","modified_gmt":"2021-05-06T04:15:13","slug":"banks-asked-to-protect-dollar-deposits-over-fears-of-cairn-energy-seizing-indian-offshore-assets","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/banks-asked-to-protect-dollar-deposits-over-fears-of-cairn-energy-seizing-indian-offshore-assets\/","title":{"rendered":"Banks asked to protect dollar deposits over fears of Cairn Energy seizing Indian offshore assets"},"content":{"rendered":"<p>India\u2019s foreign exchange market is getting roiled after the government told state-run banks to protect their dollar deposits due to a tax dispute.<\/p>\n<p>Banks were told by the authorities to protect their dollar deposits on concern that UK-based Cairn Energy Plc will move to seize India\u2019s offshore assets after winning an arbitration ruling, according to people with knowledge of the matter. <\/p>\n<p>The move has led to a sudden flood of dollars in India\u2019s banking system, with the state banks staying away from receiving the greenback in the forwards market. As a result, the one-month forward premium on the currency pair jumped to as high as 10%, on an annualized basis, on Tuesday, double the average for the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s foreign exchange market is getting roiled after the government told state-run banks to protect their dollar deposits due to a tax dispute. Banks were told by the authorities to protect their dollar deposits on concern that UK-based Cairn Energy Plc will move to seize India\u2019s offshore assets after winning an arbitration ruling, according to people with knowledge of the matter. The move has led to a sudden flood of dollars in India\u2019s banking system, with the state banks staying away from receiving the greenback in the forwards market. As a result, the one-month forward premium on the currency pair [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[146,130,177],"tags":[],"class_list":["post-413749","post","type-post","status-publish","format-standard","hentry","category-deccan-herald-newspapers","category-newspapers","category-oil-gas-deccan-herald-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/413749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=413749"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/413749\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=413749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=413749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=413749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}