RBI refuses to share inspection reports with intelligence agencies
4 March 2015 12:53 AM GMT
The RBI was required to share relevant extracts of inspection reports with law enforcement agencies and CEIB, an apex intelligence agency under the Finance Ministry, to check black money and other financial crimes where gross violations of Know Your Customer (KYC) guidelines and Prevention of Money Laundering Act (PMLA) are noticed, official sources said.
It had earlier given assurance about sharing of information relating to Foreign Exchange Management Act (FEMA) violations with CEIB, which they share with Enforcement Directorate (ED), they said.
But the central bank has not been sharing such information, the sources said.
The matter of non-sharing of inspection reports by RBI with CEIB was discussed during a recent meeting of the Economic Intelligence Council (EIC) headed by Finance Minister Arun Jaitley. At the meeting, it was highlighted by the CEIB chief that while initially RBI had agreed to share the extracts of inspection reports with it but, later on, they changed their stand.
It had earlier given assurance about sharing of information relating to Foreign Exchange Management Act (FEMA) violations with CEIB, which they share with Enforcement Directorate (ED), they said.
But the central bank has not been sharing such information, the sources said.
The matter of non-sharing of inspection reports by RBI with CEIB was discussed during a recent meeting of the Economic Intelligence Council (EIC) headed by Finance Minister Arun Jaitley. At the meeting, it was highlighted by the CEIB chief that while initially RBI had agreed to share the extracts of inspection reports with it but, later on, they changed their stand.
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