Economic Intelligence Council

Prelims & Mains

Economic Intelligence Council

Economic Intelligence Council  to combat menace of economic crimes

Economic Intelligence Council is the apex body ensuring inter- ministerial cooperation and coordination to combat the menace of economic crimes and threat to national security.

The Economic Intelligence Council is the apex body ensuring inter- ministerial cooperation and coordination to combat the menace of economic crimes and threat to national security.

Related Topics  National Anti-profiteering  Authority 

Economic Intelligence Council – Need

Economic offences often have multiple dimensions which fall under the jurisdiction of various law enforcement agencies.

To facilitate coordination amongst the Enforcement Agencies dealing with economic offences, a two-tier system has been established- the Economic Intelligence Council (EIC) chaired by the Finance Minister, and 30 Regional Economic Intelligence Councils (REIC) in different places in India chaired by the Chief Commissioners of Customs, Central Excise or Income Tax.

CEIB is the Secretariat of the EIC. It also oversees the functioning the REICs.

Economic Intelligence Council – Mandate

(i)    Consider various aspects of intelligence relating to economic security and evolve strategy for effective collection and collation of such intelligence and its dissemination to identified user agencies and Department.

(ii)  Review measures to combat economic offences and formulate coordinated strategy of action by various enforcement agencies.

(iii)Review important cases involving inter-agency coordination and approve modalities for improving such coordination.

(iv)Consider and approve measures to strengthen the working of individual intelligence and enforcement agencies under the Ministry of Finance.

Related Topics  Directorate of Enforcement

(v)  Examine the changing dynamics of economic offences, including new modus operandi for such offences, and approve measures for dealing with them effectively.

(vi)Advise on amendments of laws and procedures for plugging loopholes in taking effective action against economic offenders.

(vii)   Review measures to combat the generation and laundering of black money and approved strategy for dealing effectively with black money operators and tax evaders.

(viii)     Interact through its Secretariat, with the National Security Council Secretariat (NSCS) on matters having bearing on national security and economic security.

(ix) Consider and approve lists of annual tasks, including their periodical updating, for each of its agencies in consultation with all user Departments and agencies, including the Intelligence Bureau (IB) and Research and Analysis Wing (R & AW), and direct its Secretariat to make available the task lists to the NSCS.

(x)   Consider evaluation (qualitative and quantitative) of the performance (In the field of intelligence collection, prompt dissemination follow-up, etc.) of all agencies under its control.

(xi) Consider and suggest appropriate budgeting of all agencies under its control.

Economic Intelligence Council – Composition

Finance Minister Chairman
Minister of State (Revenue) Vice Chairman
Governor, Reserve Bank of India Member
Finance Secretary/Secretary, Department of Economic Affairs Member
Home Secretary Member
Revenue Secretary Member
Secretary, Planning Commission Member
Commerce Secretary Member
Secretary, Department of Company Affairs Member
Secretary, Department of Industrial Policy & Promotion Member
Secretary (Banking & Insurance) Department of Economic & Affairs Member
Secretary, National Security Council  Secretariat Member
Secretary, R & AW Member
Chairman, Securities & Exchange Board of India Member
Chairman, Central Board of Direct Taxes (CBDT) Member
Chairman, Central Board of Excise & Customs (CBEC) Member
Special Secretary-cum- Director General, Central Economic Intelligence Bureau (CEIB) Member
Member (Anti smuggling), CBEC Member
Member (Central Excise), CBEC Member
Member (Customs), CBEC Member
Member (Investigation), CBDT Member
Director General, Narcotics Control Bureau  (NCB) Member
Director General, Directorate General of Revenue Intelligence (DGDRI) Member
Director General, Directorate General of Central Excise Intelligence

(DGCEI)

Member
Additional Secretary, Department of Revenue Member
Director, Directorate of Enforcement Member
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Regional Economic Intelligence Councils (REIC)

The Regional Economic Intelligence Councils (REIC) are nodal agencies at the regional level which have been constituted for coordinating work amongst various enforcement and intelligence agencies dealing with economic offences in their respective regions.

All investigative and intelligence agencies including the Central and State Revenue Departments and the Economic Intelligence Wing of State Police are members of the forum. The Director Generals (Investigation), Income-Tax / Chief Commissioners of Customs & Central Excise are the Conveners of REIC.

By its very nature the REIC provides a platform for exchange of strategic information and tactical intelligence among the intelligence and enforcement agencies of the Central and State Governments to counter the economic offences and threats to the national security. The REICs are mandated to meet once every 2 months.

There are 30 Regional Economic Intelligence Councils (REICs) functioning in different parts of the country as follows:

  REIC Convenor
1. Ahmedabad Chief Commissioner of Customs & Central Excise, Ahmedabad
2. Allahabad Chief Commissioner of Income Tax, Allahabad
3. Amritsar Chief Commissioner of Income Tax, Amritsar
4. Bangalore Director General of Income Tax(Inv), Bangalore
5. Bhopal Chief Commissioner of Customs & Central Excise & Service Tax,Bhopal
6. Bhubaneswar Pr. Chief Commissioner of Income Tax, Bhubaneswar
7. Chandigarh Director General of Income Tax(Inv), Chandigarh
8. Chennai Director General of Income Tax(Inv), Chennai
9. Dehradun Chief Commissioner of Income Tax, Dehradun
10. Delhi Chief Commissioner of Customs & Central Excise, Delhi
11. Goa Chief Commissioner of Income Tax, Goa
12. Hyderabad Chief Commissioner of Customs, Central Excise & Service Tax,Hyderabad
13.  Indore Chief Commissioner of Income Tax, Indore
14. Jaipur Director General of Income Tax(Inv), Jaipur
15. Jodhpur Chief Commissioner of Income Tax, Jodhpur
16. Kochi Director General of Income Tax(Inv), Kochi
17. Kolkata Chief Commissioner of Customs, Kolkata
18. Lucknow Chief Commissioner of Customs,Central Excise & Service Tax,Lucknow
19. Madurai Chief Commissioner of Income Tax, Madurai
20 Meerut Chief Commissioner  of Central Excise, Meerut
21 Mumbai Director General of Income Tax, Mumbai
22 Nagpur Chief Commissioner of Customs & Central Excise, Nagpur
23 Patna Director General of Income Tax, Patna
24 Pune Chief Commissioner of Customs & Central Excise, Pune
25 Raipur Chief Commissioner of Income Tax, Raipur
26 Rajkot Chief Commissioner of Income Tax, Rajkot
27 Ranchi Chief Commissioner of Income Tax, Ranchi
28 Shillong Chief Commissioner of Income Tax, Shillong
29 Vadodara Chief Commissioner of Customs & Central Excise, Vadodara
30  Visakhapatnam Chief Commissioner of Customs & Central Excise & Service Tax,Visakhapatnam

Steps taken by government in tackling the shell Companies

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Raja Raja Cholan
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