Govt set to revamp CEIB to tackle new-age offence

After 26 year since it was formed,the present CEIB has lost its relevance in its current form.

With frauds and economic offences becoming more elusive,the government is looking at revisiting and restructuring the role of nodal intelligence gathering and dissemination agency,Central Economic Intelligence Bureau (CEIB).

The finance ministry is mulling strengthening the present intelligence gathering and its dissemination and identify relevant commercial database for business intelligence analysis by the CEIB, an official source told The Indian Express.

The source said that the finance ministry has set up a four-member committee comprising Vijay Lakshmi Sharma,member CBEC,S S Khan,retired CBDT member,Kewal Ram,senior economic advisor,consumer affairs department and a member of the CEIB.

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After 26 year since it was formed,the present CEIB has lost its relevance in its current form. The conditions have completely changed today. In reference to todays environment,it was very much called for, S S Khan said.

The committee will submit the report to the government within two months of its constitution,the source said. The existing structure of the CEIB will be reviewed under the light of coordination amongst the intelligence organisations of the finance ministry and the Centre. The committee will suggest structural linkages between the CEIB and Financial Intelligence Unit of the country.

It will study best global practices for more effective collation and dissemination of intelligence data.

The CEIB is Indias primary agency responsible for economic intelligence,monitoring and fighting economic offences such as smuggling,money laundering tax evasion and fraud.

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It collects information regarding aspects of the black economy and provides periodical and special reports to the concerned authorities. It is also responsible for coordination at the international level with other customs,drugs,law enforcement and other agencies in the area of economic offences.

The agency is also tasked with implementation of Conservation of Foreign Exchange & Prevention of Smuggling Activities Act,1971 that provides for preventive,detention of people involved in smuggling and foreign exchange rackets.