Make CEIB nodal agency to share black money info: Committee

Make CEIB nodal agency to share black money info: Committee

New Delhi: The committee set up to review the role and structure of Central Economic Intelligence Bureau (CEIB) has recommended that the CEIB maintain a comprehensive national database of economic offences investigated by various agencies at the Centre and in states.

This will ensure effective coordination among the various enforcement and regulatory agencies. The government is of the view that in the face of growing complexity and sophistication of economic offences better collaboration among various agencies is needed for combating tax evasion and serious economic offences.

It has recommended a “hub and spoke" structure between the CEIB and enforcement agencies at the central and state levels with the CEIB as the nodal agency for better collection and dissemination of financial intelligence.

The agencies will share information with the CEIB, which, in turn, will collate and analyze the data and provide an overall picture to the government. The committee, set up in March 2011, was headed by S. S. Khan, retired member, Central Board of Direct Taxes (CBDT).

Terms of reference of the committee included identifying relevant commercial databases for business intelligence analysis and suggesting structural linkages between CEIB and FIU-IND.