The Income Tax department has requested the Finance Ministry to approach the authorities in Switzerland and other tax havens for details of overseas accounts of “non-residents” who invested in the Indian Premier League. The step is part of the ongoing investigations into investment of foreign funds in the IPL.
The investigating unit in Mumbai has written to the Foreign Tax Division in the Central Board of Direct Taxes (CBDT) to obtain information about “foreign entities in IPL teams” after its probe into the cash-rich tournament found investments by “non-residents” especially in teams like Kings XI Punjab, Rajasthan Royals and Royal Challengers Bangalore.
The Ministry has also written to the Reserve Bank of India (RBI) seeking information on the foreign investments brought by all the IPL franchises and have asked the Enforcement Directorate to check violations under the Foreign Exchange Management Act (FEMA).
Source: PTI
