New directorate to probe financial crimes | Best Income Source

May 30th, 2011 ? 5:58 pm ICT by IANS ( Leave a comment )

New Delhi, May 30 (IANS) With voices of protest against black money and graft getting shriller, the government Monday announced a new agency that will probe all criminal matters that have financial implication, especially under the tax laws.

The new Directorate of Income Tax for Criminal Investigation, to be known in short as DCI, has been created within the Central Board of Direct Taxes (CBDT) in the Ministry of Finance with headquarters in the capital to be headed by a director general in the rank of chief commissioner of income tax.

The announcement comes a day after the government commissioned an in-depth and fresh study, engaging three top national level institutions, for estimation of unaccounted income and wealth held within and outside India.

There have been wide-ranging estimates of the amount of Indian black money stashed abroad ? from $500 billion to $1,400 billion.

A recent study by Global Financial Integrity has estimated the outflow of illicit money at $462 billion.

Addressing a recent conference of senior officers of the income tax department, Finance Minister Pranab Mukherjee had talked of forming a new agency to track financial crimes.

?The directorate will deal with tax crimes related to illegal activities. It will locate crimes or criminals by tracing the movement of money before, during and after a crime is committed,? Mukherjee had said.

The DCI?s scope of work would include collecting information about persons and transactions that are suspected to be involved in criminal activities and to investigate the source of such funds.

It would, among other things, also have the authority to issue show cause notices to suspects, file and pursue prosecution in court, execute witness protection programmes for shielding whistle blowers and to enter into agreements for sharing of information with any central or state agency in India.

It can also share information with external agencies, provided India is a signatory to such an international agreement.

Facing criticism from all sides and accused of protecting the corrupt, the government has recently announced a slew of measures to track black money and prosecute the criminals.

It recently constituted a committee chaired by the CBDT chief to suggest ways of strengthening anti-money laundering laws and recovering black money parked in overseas banks.

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• India to set up new agency to trace black money: Pranab ? May 24, 2011
• India commissions study on black money ? May 29, 2011
• Steps taken by India to tackle black money ? Jan 25, 2011
• ?Can?t reveal names yet of Indians with black money abroad? (Roundup) ? Jan 25, 2011
• Black money abroad pegged at $500 bn to $1,400 bn: Mukjherjee (Lead) ? Jan 25, 2011
• ?Black money should be brought back?: Rahul Gandhi ? Jan 29, 2011
• Panel to suggest ways of seizing black money parked abroad ? May 28, 2011
• Black money row: Govt. has nothing to hide, says Mukherjee ? Jan 25, 2011

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Tags: black money, chief commissioner, criminal investigation, criminal matters, direct taxes, finance minister, financial crimes, financial integrity, graft, illicit money, income and wealth, level institutions, ministry of finance, outflow, pranab mukherjee, scope of work, tax crimes, voices of protest, whistle blowers, witness protection

Article source: http://www.thaindian.com/newsportal/business/new-directorate-to-probe-financial-crimes_100539597.html

Source: http://www.bestincomesource.net/2011/new-directorate-to-probe-financial-crimes/

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