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ED issues notices to BCCI, Modi
The Enforcement Directorate (ED) has issued show-cause notices to the Board of Control for Cricket in India (BCCI) and former Indian Premier League (IPL) commissioner Lalit Modi.
The Enforcement Directorate (ED) has issued show-cause notices to the Board of Control for Cricket in India (BCCI) and former Indian Premier League (IPL) commissioner Lalit Modi.
ED officials said they remitted Rs90 crore to sports management firm International Management Group (IMG), UK, without the Reserve Bank of India’s permission. The remittance was made during 2008-2010 for consultancy services procured by the BCCI.
The notice asks BCCI and Modi why action should not be initiated against them under the Foreign Exchange Management Act (FEMA) for violating the RBI norms and why penalty should not be imposed on them.
The notice to BCCI is addressed to N Srinivasan, secretary, and MP Pandove, treasurer. Srinivasan said he was not aware of the notice as he was in England.
An ED official said the remittance was made through State Bank of Travancore. “Notices have been issued to the bank and its officials,” he said.
The ED has to submit a report on the IPL inquiry before the finance ministry in the next few days.
