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No plans to regulate TV industry or IPL: Piyush Goyal

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MUMBAI: Finance minister Piyush Goyal informed the Rajya Sabha that the government is not planning any law to regulate the television industry with regard to fund irregularities in the Indian Premier league (IPL) according to a report by Economic Times.

The Revenue Intelligence authorities had not made any assessment regarding flow of unaccounted money into entertainment industry, including cinema production and distribution. The matters regarding tax evasion and unaccounted black money are under investigation and appropriate actions are taken under the Income Tax Act, Goyal informed.

On a question on flow of unaccounted/black money into entertainment industry, the minister said, "There is no such assessment that unaccounted/ blackmoney has been found to specifically flow into entertainment industries, including cinema production and distribution, television and IPL cricket by the revenue intelligence agencies under the Central Board of Indirect Taxes and Customs (CBIC)."

"There is no proposal as of now to bring out any new legislation to regulate cinema and television industries as well as IPL cricket," Goyal said. 

The action as per the I-T Act, he added, is taken against companies which may be engaged in diversified activities across various sectors, including entertainment industries as well as IPL cricket.

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