The Special Investigation Team (SIT) on black money has decided to create a rich national database where multiple agencies probing tax and financial crimes will pool in vital classified information to be shared for seamless investigation.
The SIT is wanting to bring together the databases of CBDT, Financial Intelligence Unit (FIU), Enforcement Directorate, Customs and Excise and few other departments so that in case of an input being received on any instance of black money generation, it could be quickly taken up for action, sources privy to the development said.
"The database will initially be shared by the agencies by way of regular exchange of information over the existing channels. Later, it is planned to be made electronic," they said.
The aim of the SIT is to begin "seamless sharing of information" among all the agencies involved with it and also those outside it, they said.
A team of officials has already begun working on this plan and the agencies have been asked to identify common 'red flag' indicators collated by different departments.
The SIT also wants to prepare the database on the lines of the '360-degree' data profiling platform of the Income Tax Department which aids tax sleuths in finding all the relevant information about a suspect on the basis of pointers like PAN card, credit card information and I-T returns.
The database, the sources said, is expected to be developed by a private software vendor.
The SIT has been constituted by the Supreme Court and notified by the government with the specific purpose to unearth black money, strengthen mechanisms to check it and investigate all such cases where Indians have stashed illegal funds or assets overseas.
The panel, headed by retired Supreme Court judge M B Shah with justice (retd) Arijit Pasayat as its Vice-Chairman, has heads or officers of 11 central investigative and enforcement agencies in it.