Indian cricket board BCCI is charged with violating foreign exchange regulations in IPL
Tania Suman
Sep. 6, 2010

The Enforcement Directorate (ED) is set to charge the Board of Control for Cricket in India (BCCI) for violation of Indian foreign exchange regulations.

It is accusing the BCCI with keeping the Reserve Bank of India (RBI) in the dark about financial guarantees of around $13.4 million (R62 crore) it gave to international cricketers to ensure their participation in the Indian Premier League (IPL).

ED has said the Board entered into agreements with as many as 72 foreign players to pay them a base fee in foreign exchange without seeking necessary approvals. This payment was entirely separate from whatever the IPL franchisees paid to buy players at the auctions, and has never been disclosed publicly. "Investigations have revealed that in order to facilitate the franchisees to contract international players, the BCCI-IPL entered into a memorandum of understanding with 72 foreign players as per which the BCCI extended guarantee to pay the base fee to the foreign players irrespective of the outcome of the bid,” the ED says in its report. “These guarantees were given by the BCCI without the permission of the RBI.”

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