IPL 2 ripe with forex law violations: RBI

The Reserve Bank of India (RBI) has found that the second season of the Indian Premier League (IPL) hosted in South Africa was mired with violations of foreign exchange laws.

According to reports, the federal bank has found several serious violations by the Board of Control for Cricket in India (BCCI) during the Twenty20 cricket tournament held in 2009.

The RBI is said to have filed a report to the Parliamentary Standing Committee on Finance in which it accused the Indian cricket board of not adhering to its foreign exchange protocols.

The Bank is apparently waiting for a report by the Enforcement Directorate (ED) before coming up with a suitable penalty for the BCCI.

At least four national banks Axis Bank, HDFC Bank, Yes Bank and State Bank of Travancore are also expected to be served showcause notices for allegedly being a party to move money to India from accounts in South Africa.