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Business Headlines: Why the IT Department is causing problems between ICC and BCCI?

The ICC is asking its richest member, the BCCI to compensate it for tax liability incurred by ICC for cricket events hosted in India to the tune of $ 21 million. The ICC gets tax exemptions from all member nations for conducting global events. However, it did not get one for the 2016 T20 World Cup hosted by India. Researchers from a reputed US-based institute have estimated the health and economic costs of crop residue burning and firecracker burning in northern India and have found that it leads to a loss of a staggering 190 billion $ over 5 years, or 1.7% of India’s GDP. The Enforcement Directorate questioned ex MD & CEO of ICICI Bank, Chanda Kochhar for 10 hours on Sunday after raiding her residence in connection with a money-laundering probe on Friday. Residences and Office premises of persons connected with her were also searched and the ED has interrogated those persons as well.

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