CBDT, Financial Intelligence Unit Sign Pact

BLACK money stashed abroad by Indians will now be traced more efficiently as Central Board of Direct Taxes (CBDT) and the Financial Intelligence Unit (India) have signed a pact to exchange information on tracking unaccounted fun ds, say official sources.

Under the agreement, a nodal officer will be appointed from each organisation to ensure the exchange of information. Further more, a periodical review of information will make it more
effective in checking the black money flow.

"The MoU also provides scope for obtaining information on any investigation conducted by the Indian Revenue Service. It will provide another avenue to get information about black money of Indians and NRIs
stashed abroad," an official said about the agreement.

The MoU will formalise the exchange of information in accordance with best international practices, he added.

The MoU was signed on Friday by CBDT chairman S S N Moorthy and FIU (IN
D) director Arun Goyal.

Financial Chronicle, New Delhi, 23-08-2010 
FIU-IND is an independent body reporting directly to the Economic Intelligence Council, headed by the finance minister. It is responsible for receiving and disseminating information relating to suspect financial transactions.