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IT queries RBI on Lalit Modis credit card payment
September, 04th 2010

The taxman has contacted the Reserve Bank of India (RBI), raising queries on certain international credit card payments of former Indian Premier League (IPL) commissioner Lalit Modi reports Media sources.

After a lull in the tax investigation thee is a new twist to IPL probe. It is learnt that as part of the IPL investigation that was conducted against Modi, there were certain credit card payments made by him which came under observation of the investigation wing of the Income Tax department. There are three main reasons which raised suspicions against Modi.

Sources add that these credit cards were linked to foreign banks. Also the credit cards were in the name of certain confidants of Modi. And thirdly the most important reason is that those confidants hold stake in IPL franchisees.

It is learnt that the Central Board of Direct Tax has written to RBI asking about the details of the credit cards. CBDT wants to know the quantum and nature of expenses incurred by the credit cards used by Modi.  Besides the CBDT is seeking details whether payments made by the credit cards were accounted in IPL books or not and if accounted then under which category gifts or loans.

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