BCCI, IPL figure in money laundering violations
New Delhi: The Board of Control for Cricket in India (BCCI) and Indian Premier League (IPL) were again embroiled in controversy as former finance minister Yashwant Sinha, chairman of the Member of Parliament panel, slammed the two for violating foreign exchange norms.
In a report submitted by the panel, the Parliamentary Standing Committee on finance probing the IPL scandal has slammed the I-T department for being “unusually lax and lenient” towards BCCI.
Adding fuel to fire, the committee has also reprimanded a number of banks for not following Know Your Customer (KYC) norms while dealing with IPL franchisees. Moreover, banks were also guilty of Fema violations, it noted.
The panel has recommended an Enforcement Directorate (ED) probe into Foreign Exchange Management Act (FEMA) violation by IPL teams.
It is also looking at expediting the process of income tax assessment of BCCI, IPL and the franchisees. It has also asked to process against BCCI top brass for the alleged violations. The report is expected to be presented in the Parliament’s monsoon session.
Mincing no words in its criticism of the I-T department’s treatment of the IPL firms which are alleged to have indulged financial and other irregularities, the panel said the department’s moves were seemingly aimed at “allowing them (BCCI) to enrich their coffers at the expense of the exchequer”.