India to Refund Taxes to Cairn, Vodafone by March, Official Says

India will refund taxes to Vodafone Group Plc and Cairn Energy Plc by the end of next month, following the government’s decision last year to scrap a controversial tax rule, according to a top finance ministry official.

• The government will refund 79 billion rupees ($1 billion) to Cairn by this month, Revenue Secretary Tarun Bajaj said in an interview Monday
• A tax refund of about 450 million rupees would likely be made to Vodafone by March, Bajaj said. “There is no bottleneck from our side,” he said
• NOTE: India last year decided to abolish the retrospective tax rule -- which ...