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Special Investigation Team (SIT) on Black Money asks RBI to develop institutional mechanism to track illicit financial flows out of country in light of identified gaps in the regulatory framework

News and Press Release - Dated:- 5-9-2016 - Chairman, Special Investigation Team (SIT) on Black Money, appointed by the Hon ble Supreme Court, in a letter dated 11.08.2016, to Governor, RBI has impressed upon the imperative need to establish the following institutional mechanism for sharing of data with the RBI in its various data bases with the Enforcement Authorities so that the data could be cross checked with other information available with Enforcement Authorities and illicit financial flow .....

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-ERS data should capture the PAN number of the importer or the exporter and that RBI take necessary steps for the same to get this done on an urgent basis. (b) Export Outstanding Data:- In the data provided by RBI to the SIT, huge amounts were found outstanding beyond a period of one year in violation of FEMA. The SIT had noted that the possibility of the concerned Companies having wrongly claimed duty drawback also cannot be ruled out. Further, the possibility of the concerned Companies having .....

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Bank Realization Certificate (BRC) which is different database and that RBI may impress upon the banks to inform regarding realization of export proceeds on the EDPMS itself. (c) Monitoring of Advance Remittances against Imports:- In wake of the Bank of Baroda scam, the SIT had asked RBI to institutionalize a mechanism for cross checking of advance remittances against Bill of Entry irrespective of value of advance remittances sent. RBI had informed the SIT that huge advance remittances running .....

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which will enable cross checking of each advance remittance irrespective of value against the Bill of Entry. Chairman, SIT in his letter requested RBI to develop, in consultation with Department of Revenue, an institutional online mechanism for sharing of data of all the above three databases being managed by RBI i.e. FET-ERS, IDPMS and EDPMS. Chairman, SIT has also asked the Revenue Department to identify a single point agency in the Revenue Department which could access the above three databa .....

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