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 https://www.taxtmi.com/news?id=16582 Requires an institutional mechanism for sharing RBI foreign exchange and trade databases with enforcement agencies: mandate PAN capture in FET ERS, correlate EDPMS shipping bills with bank confirmations rather than separate BRCs, and reconcile advance remittances against Bills of Entry via IDPMS. Proposes an online inter agency access point or centralized data warehouse and a single revenue department access node to enable coordinated analysis and early detection of illicit cross border financial flows. en-us Mon, 05 Sep 2016 14:33:24 +0530 Mon, 05 Sep 2016 14:33:24 +0530 TaxTMI RSS Generator 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 https://www.taxtmi.com/news?id=16582 Requires an institutional mechanism for sharing RBI foreign exchange and trade databases with enforcement agencies: mandate PAN capture in FET ERS, correlate EDPMS shipping bills with bank confirmations rather than separate BRCs, and reconcile advance remittances against Bills of Entry via IDPMS. Proposes an online inter agency access point or centralized data warehouse and a single revenue department access node to enable coordinated analysis and early detection of illicit cross border financial flows. News - Mon, 05 Sep 2016 14:33:24 +0530 https://www.taxtmi.com/news?id=16582