SIT directs RBI to share its databases
The Special Investigation Team (SIT) on black money has advised the Reserve Bank of India (RBI) to develop an online institutional mechanism for sharing of data on three databases maintained by the central bank.
The three databases referred to by the SIT are Foreign Exchange Transactions Electronic Reporting System (FET-ERS), Import Data Processing and Monitoring System (IDPMS) and export data realization database (EDPMS).
In a letter sent on August 11 to the RBI Governor, the SIT chairman, retired SC judge M B Shah, said the online institutional mechanism should be developed in consultation with the Revenue Department.
The SIT has also directed the Revenue Department to identify a single point agency (in the Revenue Department) that could access the three databases and thereafter disseminate them to various enforcement agencies.