New York: Allying concerns of American business community and investors, Finance Minister Arun Jaitley has said that any decision which is retrospective and creates fresh liabilities is not acceptable.
“I have no difficulty in saying that any decision which is retrospective, except in some very unusual circumstances, which creates fresh liabilities is certainly not acceptable,” he told a New York audience when asked about the concerns of the US business community with regard to retrospective taxes. “Many of us who have done business in India have experienced retroactive changes to some of the investment regulations by the government or the Reserve Bank of India. In the spirit of expanding the opportunity for foreign investment, I’d like you to please talk a bit about the philosophy of those retroactive changes making transactions a bit more difficult to underwrite,” Jaitley was asked by a US businessman.
US Treasury Secy to meet Jaitley
US Treasury Secretary Jacob Lew would meet Finance Minister Arun Jaitley here and the two leaders are expected to discuss bilateral trade and economic relationship besides sharing notes on blackmoney. In the last few years, the United States has taken a number of steps in taking actions against those hoarding money overseas, Swiss banks in particular. Former Treasury Secretary Timothy Geithner yesterday told a New York audience that Jaitley has one of the most interesting and complicated finance portfolios in the world.
