By Admin 
Former Indian Premier League chairman Lalit Modi has got relief from the Appellate Tribunal. The tribunal gave its verdict under SAFEMA and rejected the very grounds on which ED action was taken against Lalit. Actually, this matter is related to IPL 2009 season, which was organized in South Africa.
The IPL 2009 season was played from 18 April to 24 May. At that time, Lok Sabha elections were to be held in India, hence IPL was organized outside India for the first time. At that time many cases of illegal financial transactions were registered against Lalit Modi. Modi was accused of illegally sending money to the South African Cricket Board and some other institutions in violation of rules.
Let us tell you that cases related to illegally earned money come under the Safema Act. Under this, the tribunal held that the movement of money related to IPL 2009 held in South Africa was a current account transaction and not a capital account transaction. Capital account transactions are prohibited here under India’s Foreign Exchange Management Act (FEMA) and require special permission from the Reserve Bank of India. Since the tribunal has considered the money transaction as a current account transaction, all the earlier findings have become baseless.
The tribunal also found that Lalit Modi was not responsible for following the rules of FEMA law accepted by BCCI. At the same time, Lalit Modi did not have the financial powers that ED had mentioned. In such a situation, the tribunal has also canceled the fine imposed by ED on the former IPL chairman. Recall that ED had imposed a fine of Rs 10.65 crore on Lalit Modi for violating FEMA.
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