“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.“Therefore, ever since the present Government has been formed, we said it when we were not in government and therefore we’ve lived up to our word, this Government will not legislate anything that is retrospective,” he said during an interaction at the Council on Foreign Relations, a think tank.“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.
