NEW DELHI: There is a standard format that has been designed to be used by banks while sharing revenue transaction details with the revenue intelligence.
This has happened after probe and intelligence officials insisted on the need to have such a standard system. This will entail those that are carried out via cheques.
The CBI was the first to come with the issue which was triggered by the fact that banks offer them with information in varied formats while they are carrying out investigation concerning offences. After a meeting with the Central Economic Intelligence Bureau, a common format was designed.
A recent meeting of the “working group on intelligence apparatus” that Hasmukh Adhia of Revenue headed was attended by intelligence and investigating agencies. The Revenue Secretary asked the RBI to prevail upon IBA so that details of cheque transactions may also be provided to law enforcement agencies in the prescribed format, they said.
Intelligence agencies need the banks to provide them with information so as investigate cases regarding money laundering, black money and banking frauds.