Rajasthan Royals Get Huge Relief Ahead of IPL 2020, ED Cuts Down FEMA Fine From 100 Crore to 15 Crore
The Indian Premier League (IPL) franchise were accused of violating the guidelines of the Foreign Exchange Management Act (FEMA) and were fined a whopping amount of 100 crore. However, ED have been investigating the matter and have decided to reduce the fine amount by 85 crores.
Rajasthan Royals got a huge relief as the Enforcement Directorate (ED) and Government of India have, reportedly, decided to cut down their fine from 100 crore to just 15 crore. The Indian Premier League (IPL) franchise were accused of violating the guidelines of the Foreign Exchange Management Act (FEMA) and were fined a whopping amount of 100 crore. However, ED have been investigating the matter and have decided to reduce the fine amount by 85 crores. Well, this is certainly a piece of great news for the IPL franchise as they were mulling to host matches in Guwahati but they have made clear that they will not shift from their home ground in Jaipur. IPL 2020: Rajasthan Royals Announce Sponsorship Deal With Expo 2020 Dubai.
According to a report of Mumbai Mirror, an appellate tribunal of the ED has been investigating about the case of Royals’ violation of FEMA guidelines and has decided to cut out their fine. "It is a fact that the tribunal has given us relief and we are done with the case," a Royals official told Mirror. The case goes back to 2010 when ED charged the franchise for violating the guidelines while setting up a company called Jaipur IPL Cricket Pvt Ltd in 2008.
"After all the accusations against the people were not sustained and the team was fined only Rs 15 cr which is already paid," said the franchise in a statement. Of late, there have been some rumours that there are some issues between Rajasthan Cricket Association (RCA) and the Royals regarding the shift of home venue from Jaipur to Guwahati. However, RCA secretary Mahendra Sharma has quashed all the claims and said that there is no friction between the two bodies.
(The above story first appeared on LatestLY on Feb 05, 2020 11:34 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).