IPL team fined for foreign exchange breaches



AGENCE FRANCE PRESSE

Published — Tuesday 5 February 2013

Last update 4 February 2013 10:56 pm

| نسخة PDF Print News | A A

NEW DELHI: Owners of Indian Premier League side Rajasthan Royals were on Monday slapped with a fine of one billion rupees ($18.8 million) for alleged foreign exchange violations, officials said.
The enforcement directorate of the ministry of finance said it had given the owners, who include Bollywood star Shilpa Shetty and her businessman husband Raj Kundra, 45 days to pay the fine.
“The foreign investment in the franchise was made in flagrant contravention of Foreign Exchange Maintenance Act,” the directorate said in a statement.
This is the first major fine imposed on an IPL team by the government, which has been investigating financial and foreign exchange irregularities in the Twenty20 league.
The directorate said as part of its investigations it had already issued 24 notices to IPL franchises and the Board of Control for Cricket in India (BCCI) on foreign exchange violations.
Rajasthan Royals said they were seeking legal advice and would appeal against the order.
“We are discussing the contents of the order with our lawyers and intend to launch a full appeal against the order,” it said in a brief press release.

What's happening around Saudi Arabia

RIYADH: The Ministry of Education has suspended all parallel education programs, except in medical and engineering specialties, as well as bridging programs for health diploma certificates.Education Minister Azzam Al-Dhakil gave directions to the rec...
RIYADH: The Cooperative Health Insurance Council said it had suspended operations of six medical insurance companies for violating health insurance regulations by issuing insurance policies without completing the required documentation and violating...
JEDDAH: A local survey found that almost half of Saudis abide by rules and laws in public places outside the Kingdom more than they do inside the country.More than one-third of the respondent sample said they violate road traffic signs and directions...
DAMMAM: A 50 percent decline in the prices of some types of fish in the Dammam Central Market was noted compared to the previous month.Fish sellers attributed this decline to an increased fish supply and fall in demand from hotels and consumers durin...
RIYADH: In a two-day operation, police arrested 343 beggars including women and children during the holy month of Ramadan.A police officer said the raid was carried out in the Salehiya district and 220 of those arrested were women from Ethiopia. “Mos...
RIYADH: The Civil Defense has rescued 105 pilgrims trapped in vehicles and buildings for various reasons since the start of Ramadan. During the first 10 days of the month, it also had to deal with 255 complaints, which included 150 accidents due to f...
RIYADH: Hotels in the capital have made special arrangements by setting up Ramadan tents, where diners can visit to begin and break their fast with special suhoor and iftar meals during the ongoing fasting month.As the Ramadan tent is a popular pheno...
JEDDAH: Kaddadin, or unlicensed transporters, say there is good money to be made during Ramadan especially in transporting Umrah pilgrims from Jeddah to Makkah and back.During this month the number of visitors doubles or triples which means the price...
RIYADH: The holy month of Ramadan is lively at night following Taraweeh prayers. Nights are turned into days during the month in the industrial area where there is a large concentration of automobile workshops.The industrial areas are well illuminate...
RIYADH: The Saudi man behind the green project that ensured 3,400 trees in Khurais in the Eastern Province for a government firm has been approached by a Kuwaiti oil company for a similar project. “After learning about the project in the Eastern Prov...
RIYADH: A total of 1,300 Gambian pilgrims will come to the Kingdom to perform Haj this year, Ambassador Omar Gibril Sallah said on Thursday.“We hope that the pilgrims will observe the fifth pillar of Islam in peace and harmony and may Allah accept th...
RIYADH: The Saudi Commission for Tourism and National Heritage (SCTNH) and the Disabled Children’s Association (DCA) have launched a traffic safety campaign, to reduce the number of accidents that cause disability.Prince Sultan bin Salman, the SCTNH...
JEDDAH: The holy month of Ramadan is a period when non-Muslim expatriates too abstain from eating, drinking or smoking during the daytime out of respect for Muslims who fast from dawn to dusk and also because it is healthy. The expatriates are also...
A policeman was killed in an anti-terror operation on Friday in the western city of Taif, according to the interior ministry. An exchange of fire resulted in the death of the policeman after a raid to arrest a wanted person, state news agency SPA quo...
RIYADH: Customs authorities at Prince Mohammed bin Abdulaziz International Airport in Madinah have foiled an attempt to smuggle 52,850 Xanax capsules into the country.The drug, an anti-depressant, banned in the Kingdom, was found hidden under the clo...

Stay Connected

Facebook