Govt to use ‘red flags’ to track black money at home

Government is setting its house in order to act against those stashing illicit wealth within the country.

As a first step, the revenue department has decided to streamline information-sharing between the six investigative wings under it — from the Enforcement Directorate, Directorate of Revenue Intelligence to the Financial Intelligence Unit (FIU) — by developing what officials described as 'red flag' indicators. The indicators are an illustrative list of transactions to alert the probe wings, including the Central Economic Intelligence Bureau (CEIB), the CBDT's investigative wing, and central excise intelligence, regarding the possibility of use of black money, an official explained.

http://timesofindia.indiatimes.com/india/Govt-to-use-red-flags-to-track-black-money-at-home/articleshow/45183196.cms