The BJD suspended Panda, the MP from Kendrapara, for alleged anti-party activities on January 24.
The party has also accused Panda of submitting false affidavit before the Election Commission during the 2014 general elections, a charge denied by the the leader.
"Panda has concealed that he is working as an employee of IMFA and drawing crores of rupees as salary. What made him conceal this fact?," BJD vice-president and party MLA Bedprakash Agarwal asked at a press conference here.
Panda has misled the party and the people of his constituency and "lost moral authority to continue as Member of Parliament from Kendrapara," he said.
Panda, however, claimed that the party is well aware of his family background and association with the organisation.
"The allegations against me are totally false and baseless. I always consult top lawyers of the country while submitting affidavit before the EC," Panda told reporters.
Panda said he has been an MP for 18 years and the allegations levelled against me are of low-level.
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