The SIT has called for a need to establish an institutional mechanism to share data about illicit fund flows out of the country. The Special Investigation Team on black money has asked Reserve Bank to develop an institutional mechanism to share data with enforcement agencies to track illicit fund flows out of the country. "Chairman SIT has asked RBI for an institutional mechanism for sharing of data in its various databases with the enforcement authorities," a Finance Ministry tweet said today. It has asked banking regulator RBI to develop an institutional mechanism to track illicit financial flows out of the country. "From the said data warehouse, various agencies can gather the relevant information for taking early appropriate action," the SIT said.

Source: dna September 05, 2016 08:03 UTC