The Reserve Bank has found violation of foreign investment guidelines by the BCCI, the parent body of the Indian Premier League (IPL), which organises Twenty20 cricket tournament.  RBI, according to sources, has discovered violation of norms by the Board of Control for Cricket in India (BCCI) with regard to foreign direct investment (FDI), transfer of money and opening of some accounts.

The BCCI top bosses were grilled yesterday by the Parliamentary Standing Committee on Finance, on the basis of the central bank report, sources said.

It was pointed out that BCCI did not obtain permission of the Reserve Bank to extend bank guarantee to players as required under the Foreign Exchange Management Act (FEMA).

Sources said BCCI was required to take prior approval of RBI for accepting deposits from overseas residents.

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Tags : fema (533) Fema Notifications (726) RBI Notifications (1879)

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