On August 5, the finance ministry introduced Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha to roll back the retrospective tax demand provision which was introduced in 2012.

As per the amendment, the tax raised for the indirect transfer of Indian assets before May 2012 would be "nullified on fulfillment of specified conditions" such as the withdrawal of pending litigation and an undertaking that no damages claims would be filed.

We, ADIF, believe that this move will further strengthen trust between the government and industry.

Below is the letter sent to the Finance Secretary.