The Reserve Bank of India will now share its FDI details with the Intelligence Bureau and Research and Analysis Wing to prevent the entry of Black money into the country.
Flash points
- The committee headed by Revenue Secretary decided to provide the details of FDI resting with RBI to IB & RAW
- This is done as a measure to prevent the economic crimes in the country
- FDI can enter into the country either through automatic route(approved by RBI) or through permission from FIPB
- Even though permitted by FIPB, the government agencies doesn’t know of the FDI has entered or not
- The actual details of the FDI are only with RBI. Hence RBI has to provide the details to IB & RAW to prevent flow of black money in the country
Points to note
- FIPB- Foreign Investment Promotion Board
- Raw chief- Rajinder Khanna
- IB chief- Dineshwar Sharma
- RBI headquarters- Mumbai
- RBI governor– Raghuram Rajan
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