The Special Investigation Team (SIT) on black money has found information sharing between agencies as a vital gap and asked the Reserve Bank of India (RBI) to introduce an online platform through which data can be shared with agencies like Directorate of Revenue Intelligence (DRI), Enforcement Directorate and the income tax department.
This is the newest steps from the committee appointed by the Supreme Court after it suggested series of steps.
SIT has written to the central bank asking it to develop the platform in discussion with the revenue department so that data can be shared.
"SIT feels that for controlling and tracking illicit financial flows out of the country, use of RBI data by various law enforcement agencies like ED, DRI and CBDT is of critical importance."
It stressed that in the past it had received data from RBI on advance remittances overseas for which corresponding Bills of Entry have not been received by the authorized dealer.
It had also requested for data on export outstanding for over a year.
"The data... clearly showed that there are gaps in monitoring the above trade flows which are used by unscrupulous elements to take out precious capital outside the country, thus damaging the fabric of Indian economy," an official statement said.
The panel also said that central banks Foreign Exchange Transactions Electronic Reporting System should capture PAN number of exporter and importer.