CBDT panel suggests mechanism for better coordination to deal with black money

NEW DELHI: Concerned over poor co-ordination among various agencies dealing with black money menace, the CBDT committee has suggested that a mechanism should be developed for better co-operation among various wings of the government, including state agencies, to tackle the issue.

"The federal structure of governance and their vertical reporting systems within their respective ministries and departments may have resulted in less than optimum coordination of data, information, and actions...

"... a strengthening of this aspect may be an important way forward in the fight against generation and accumulation of black money," the White Paper on black money tabled by Finance Minister Pranab Mukherjee in the Lok Sabha said.

Various organisations of central and state governments closely monitor violation of laws, regulating economic activities and their links with other criminal activities, and in doing so provide a comprehensive network of checks and balances against generation of black money too, the White Paper said.

Among various agencies, tax departments, Central Board of Direct Taxes and the Central Board of Excise and Customs are assigned the task of enforcement of laws and detecting illegal money.

Besides, it said, there are various other regulatory authorities undertaking supervision and policing. They include the Enforcement Directorate, Financial Intelligence Unit, Economic Offences Wing of the State Police, Central Bureau of Investigation, Serious Frauds Investigation Office, and Narcotics Control Bureau.

There are also coordinating agencies such as the Central Economic Intelligence Bureau, National Investigation Agency, and the High Level Committee, which also play an important role in fighting the menace of black money, it added.