Black money: Special Investigation Team brings in new agency

Central Economic Intelligence Bureau roped in to expedite probe

New Delhi: The Special Investigation Team, appointed by the Supreme Court to probe black money, has nominated Central Economic Intelligence Bureau as the main co-ordinating body between all investigative and enforcement agencies under it.

This, the SIT feels, will speed up its probe into cases of illegal funds stashed abroad.

There are a dozen central investigative agencies, which are working with the SIT and co-ordination is important for smooth functioning of anti-black money probes. Initially, the SIT wanted to name the Enforcement Directorate as the chief co-ordinating agency for the panel but later it chose CEIB.

CEIB was chosen as it had all the resources at its disposal for handling the role.

Moreover, ED was found overburdened with money laundering and foreign exchange violation cases and is also facing a shortage of manpower.

However, CEIB will not be a part of the core panel of SIT. CEIB, which was set up in 1985, is the nodal agency for co-ordinating financial and economic intelligence data and ensuring effective interaction among all the agencies concerned which are engaged in dealing with economic offences in the country.

Among others, SIT on black money has got directors of IB, ED, RAW, Financial Intelligence Unit and CBI, CBDT Chairman, DG Narcotics Control Bureau, DG DRI and the Joint Secretary (Foreign Tax and Tax Research Wing) in the finance ministry as its members.

CEIB last year provided a list of 600 Indians who were understood to possess illegal bank accounts abroad after it obtained these through its secret channels.

( Source : dc correspondent )
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