₹121 crore FEMA notice to BCCI with 45 days payment deadline

₹121 crore FEMA notice to BCCI with 45 days payment deadline - InsideSport

The after-effects of Indian Premier League 2009 organised in South Africa are still looming larger over the Board of Control for Cricket in India (BCCI).

Post various pending enquiries by the different departments, now the Enforcement Directorate has slapped a penalty of over ₹121 crore on the BCCI, former president of the board N Srinivasan, former IPL commissioner and the former treasurer of the board MP Pandove for alleged violation of the FEMA law.

A special director of the central probe agency has levied hefty penalties on both the board and its officials. A penalty of Rs 82.66 crore has been levied on the BCCI, Rs 11.53 crore on its former chairman Srinivasan, Rs 10.65 crore on ex-IPL commissioner Modi, Rs 9.72 crore on former BCCI treasurer M P Pandove and Rs 7 crore on the State Bank of Travancore

The total penalty amount was Rs 121.56 crore, according to the ED officials.

The ED was investigating the case for the alleged contravention of the Foreign Exchange Act (FEMA) in transferring over Rs 243 crore out of the country to host the 2009 Indian Premier League edition in South Africa.

The FEMA order stated that this transfer of funds was in alleged violation of the RBI guidelines meant for transferring funds abroad. The order asked the accused to deposit the fine amount in the government exchequer within 45 days time. Meanwhile, BCCI officiating secretary Amitabh Choudhary has called for Special General Meeting of the board where this matter is also likely to be discussed along with the other matter on agenda. The SGM is expected to be held on 22nd June.