New Delhi, May 31 (ANI): The Central Board of Direct Taxes (CBDT) chief Sudhir Chandra on Tuesday announced the creation of a Directorate of Income Tax (Criminal Investigation) with immediate effect to track the movement of black money.
Addressing a news conference here, Chandra said the DCI would seek to collect information about individuals and transactions that are suspicious or may have criminal activities within the country or abroad.
“The DCI will perform functions in respect of criminal matters having any financial implication punishable as an offence under any Direct Tax Law,” he said.
Chandra also said the department would try to work towards bringing back the money to the country and track all the illegal transactions.
“It will track the money, which is earned illegally, say from narcotics, opium, corruption. So, any case we detect where income has been earned illegally, such cases will be transferred and monitored by directorate of criminal investigation,” he added.
There would be eight Directors of Income Tax (Criminal Investigation) in northern cities of Delhi, Chandigarh, Lucknow and northwestern and western Jaipur, Ahmedabad, Mumbai, and eastern Kolkata, and southern Chennai.
The DCI would be functioning under the Member (Investigation) in the CBDT and a subordinate office of CBDT.
India is the world’s ninth most corrupt country, with 54 percent of the population paying a bribe in the last 12 months, according to a report by Transparency International.
An interim task force in 2009 found illicit funds to range between 500 billion dollars, and what is now the size of India’s economy of 1.4 trillion dollars. (ANI)