ED notice to BCCI for flouting forex rules during IPL2

November 28, 2011 15:34

Just in: the Enforcement Directorate has issued a notice to BCCI for alleged the contravention of foreign exchange rules during IPL-2.

The IPL 2 event was shifted out of India and held in South Africa after security concerns made it impossible to hold the domestic event in the country.

The showcause has been given over the Foreign Exchange Management Act (FEMA) contravention amounting to around Rs 1650 crores. The money was transferred from India without following the FEMA norms.

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