Ramdev's trusts under ICAI scanner for violations

Swami Ramdev may have declared the financial details of the four trusts that he runs in a televised press conference, but the regulators aren't convinced.

Swami Ramdev may have declared the financial details of the four trusts that he runs in a televised press conference, but the regulators aren't convinced.

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The Institute of Chartered Accountants of India (ICAI)-India’s accounting sector regulator could call for a fresh look at the books of these organisations.

It is likely to scan through the trusts’ statement of accounts with a fine toothcomb to ensure that no rules were violated, especially in funds received from overseas sources.

It will ask the auditors of these trusts — Divya Yoga Mandir, Patanjali Yogpeeth Trust, Bharat Swabhiman Trust and Acharyakul Shiksha Sansthan — to furnish details of all transactions of the last few years.

“We could ask the auditors of the trusts to furnish all financial details for the last few years to examine whether or not there is any discrepancy,” a member of the regulatory body, who did not wish to be identified, told Hindustan Times.

Ramdev’s key aide Acharya Balkrishna had said last week that the total capital base of the four trusts was Rs 426.19 crore.

The Yoga Mandir Trust has a capital of Rs 249.63 crore, Yogpeeth Trust for Rs 164.80 crore, Bharat Swabhiman Trust for Rs 9.97 crore and Acharyakul Shiksha Sansthan has capital base for Rs 1.79 crore, Balakrishna had said.

Only last month, government had introduced several new punitive provisions in the Foreign Contribution Regulation (FCRA) Act including suspension and cancellation of registration of NGOs for rule violations.

Under the new provisions in the FCRA, an organisation receiving foreign funds and wanting to disburse them further would need to seek permission from the government.