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Agencies Ask RBI to Share Data on Black Money

By SiliconIndia   |   Thursday, September 8, 2016
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BENGALURU: Information sharing between agencies has been identified by the Special Investigation Team (SIT) as a major gap and subsequently the Reserve Bank of India (RBI) has been asked to develop an online platform. This platform will be developed by leveraging sharable data stacked in the authority of Enforcement Directorate, Directorate of Revenue Intelligence (DRI) and the income tax department as reported by The Times of India.

The Supreme Court-appointed panel had earlier recommended a series of steps, which included a cap on the cash transactions and the amount of cash that can be held by an entity. This is the next step in the series of processes.

RBI has been asked in a letter written by SIT chairman Justice M B Shah in developing the platform in consultation with the revenue department, in order to make the data sharing feasible and easy. "SIT feels that for controlling and tracking illicit financial flows out of the country, use of RBI data by various law enforcement agencies like ED, DRI and CBDT is of critical importance," said Shah.

The data on export outstanding for over a year had been previously sought by the standing committee from the RBI. This was pointed out in the latest report. It was also pointed out that the committee had raised concerns and received data from RBI on advance remittances in the past. "The data, clearly showed that there are gaps in monitoring the above trade flows which are used by unscrupulous elements to take out precious capital outside the country, thus damaging the fabric of Indian economy," said an official statement.

It was also stated by the panel that the PAN number of the importer or exporter must also be captured by the RBI's Foreign Exchange Transactions Electronic Reporting System. “Cross-checked with other information with enforcement authorities and illicit financial flows could be curbed," said a letter to RBI governor on August 11.

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