September 06, 2016
The Supreme Court-appointed Special Investigation Team (SIT) on black money has asked the Reserve Bank of India to establish an institutional mechanism to track illicit financial flows and share data with other law enforcement agencies such as Enforcement Directorate, Directorate of Revenue Intelligence and the Central Board of Direct Taxes.
In the light of “gaps in the regulatory framework”, the SIT in its letter impressed upon RBI the need to establish the institutional mechanism for sharing of data with the central bank in its various databases with the enforcement authorities.
The data available with RBI could be “cross checked with other information available with enforcement authorities and illicit financial flows could be curbed”, the SIT said.
