With a view to strengthening co-ordination and evolving an integrated strategy to combat economic crimes, Government has decided to reconstitute the Economic Intelligence Council (EIC) under the chairmanship of Finance Minister.
The EIC shall have the following objectives:-
a) Discuss measures to combat economic offences and formulate a coordinated strategy for action by various enforcement agencies.
b) Discuss important cases involving inter agency co-ordination.
c) Discussing measures to strengthen the working of various enforcement agencies under the Finance Ministry.
d) Examine the changing dynamics of economic crimes, including new modus operandi being evolved and suggest measures for dealing with these crimes more effectively.
e) Advise on amendment of laws and procedures for plugging loopholes and taking action against economic offenders.
f) Act as a forum for exchange of intelligence on important economic offences.
g) Discuss measures to combat the generation and laundering of black money and formulating strategy against black money operators and tax evaders.
The EIC shall have the following constitution:-
Finance Minister, Chairman; Revenue Secretary; Finance Secretary; Secretary, Company Affairs; Secretary, Banking & Insurance; Governor, Reserve Bank of India; Chairman, Securities & Exchange Board of India; Special Secreatary cum Director General, Central Economic Intelligence Bureau; Chairman, Central Board of Excise & Customs; Chairman, Central Board of Direct Taxes; Member (Anti-Smuggling), CBEC; Member (Excise), CBEC; Member (Customs)CBEC; Member (Investigation) CBDT; Director General, Narcotics Control Bureau (NCB); Director General of Revenue Intelligence (DGRI); Director General of Anti Evasion(DGAE); and Director (Enforcement)
For the meetings of the EIC the following would be included as Special Invitees:-
Director, Central Bureau of Investigation; Director, Intelligence Bureau; and Director General of Foreign Trade
The EIC would be serviced by the Secretariat of CEIB being headed by Special Secretary cum Director General, CEIB,
The DDG of CEIB will act as the Member-Secretary of the EIC.
The EIC will meet atleast once in three months and would be free to hold extra ordinary meetings as and when considered necessary. It would be free to invite any other official or person whose views/participation is considered beneficial for the furtherance of its objectives.