RBI probing alleged violation of FEMA rules by BCCI: Reports

The Reserve Bank of India (RBI) is reportedly looking into the alleged violation of Foreign Exchange Management Act (FEMA) by the BCCI in remitting ₹1,600 crore to two overseas cricket associations. The transactions were capital account payments that required explicit RBI approval, reports said. BCCI has denied any irregularity in the payments, adding that all necessary procedure was followed.