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SBD Global/May 6, 2013/Leagues and Governing Bodies

Board Of Control For Cricket In India Accused Of Foreign Exchange Violations

An appellate tribunal is set to hear the Board of Control for Cricket in India's appeal against a Rs 52.24 crore ($10M) fine "levied in February by the Competition Commission of India for irregularities in the grant" of Indian Premier League franchise rights, media rights and sponsorship rights, according to Jasvinder Sidhu of ESPN. That fine "was part of a series of financial penalties imposed by the federal government as part of a multi-department focus on the BCCI and its allied businesses;" it included a Rs 2300 crore ($433M) income tax bill covering a three-year period and a Rs 100 crore ($18.77M) penalty demanded of Rajasthan Royals. However, investigations revealed that "here is more bad news in store for the BCCI: it has been issued 14 notices similar to that received by Rajasthan Royals," carrying a total penalty of Rs 1,546 crore (approx. $291M) for violations of the Foreign Exchange Management Act (FEMA). All the notices "have been issued by the Indian Enforcement Directorate (ED)." The matter is currently the subject of "quasi-judicial adjudication proceedings", which are in progress before the Special Director of Enforcement, Mumbai. Because of those proceedings the BCCI -- unlike Rajasthan Royals -- "is yet to be issued an ED order demanding payment." In '11, after two years of investigations, the ED "issued 20 notices relating to various transgressions by the IPL" -- 14 to the BCCI (ESPN, 5/5).
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