Central Economic Intelligence Bureau is the nodal agency for economic intelligence
Central Economic Intelligence Bureau was setup in the year 1985. It is the nodal agency for economic intelligence mandated to ensure effective interaction and coordination among all the concerned agencies in the area of economic offences.
It also functions as the clearing house of all economic intelligence and provides a platform for such exchange between various agencies within the Department of Revenue and other intelligence and enforcement agencies including IB, RAW, CBI etc.
The Bureau is headed by the Special Secretary cum Director General who is assisted by three Joint Secretary level officers one of whom is designated as JS(COFEPOSA) and the other two are designated Dy. Director General (Administration & Coordination) and Dy. Director General (ECOINT). The detailed organisational structure is as below:
It is well recognised that the evasion of one tax usually entails evasion of other taxes as well. For the purpose of effective information gathering, collation and dissemination, a close co-ordination between the agencies enforcing different tax laws is essential.
Central Economic Intelligence Bureau – Organisational Structure
Administration & Coordination Wing (AC)
This wing acts as the Secretariat to the Economic Intelligence Council (EIC) chaired by FM. It looks after the work relating to the EIC and Working Group & also monitors the working of the 30 Regional Economic Intelligence Councils (REICs) all over the country. In addition to this, the wing is also responsible for general administration of the Bureau.
Economic Intelligence Wing (ECOINT)
This Wing coordinates at the central level the exchange of information and intelligence relating to economic offences including drug trafficking, smuggling, foreign exchange violations, supply of counterfeit currency, hawala transactions, financial frauds in stock markets, money laundering, tax evasion etc.
This wing deals with work relating to the COFEPOSA Act. Smugglers and foreign exchange racketeers are detained for a period of one year under the COFEPOSA Act, 1974, with a view to prevent them from indulging in prejudicial activities in future. On receipt of proposals from the DRI, Enforcement Directorate or the Customs Houses, the Screening Committee under Member (Custom) considers and makes recommendations for detention.
The detention order is issued by JS(COFEPOSA), which is placed before an Advisory Board consisting of three sitting Judges of High Court. Detention orders are also issued by the State Governments.
The Central Economic Intelligence Bureau was set up with the intention of creating a body which would coordinate and strengthen the intelligence gathering activities as well as investigative efforts of all the agencies which enforce economic laws.
Accordingly, the following functions have been entrusted to the Central Economic Intelligence Bureau:-
- To collect intelligence and information regarding aspects of the black economy which require close watch and investigation. Also, keeping in view the scene of economic offences, the Bureau is required to collect information and provide periodical and special reports to the concerned authorities;
- To keep a watch on different aspects of economic offences and the emergence of new types of such offences. The Bureau was made responsible for evolving counter -measures required for effectively dealing with existing and new types of economic offences;
- To act as the nodal agency for cooperation and coordination at the international level with other customs, drugs, law enforcement and other agencies in the area of economic offences.
- To implementation of the COFEPOSA(i.e. Conservation of Foreign Exchange & Prevention of Smuggling Activities Act, 1971 which provides for preventive detention of persons involved in smuggling and foreign exchange rackets under certain specified circumstances)
- To act as a Secretariat of the Economic Intelligence Council which acts as the apex body to ensure full co-ordination among the various Agencies including Central Bureau of Investigation, Reserve Bank of India, Intelligence Bureau etc.