RBI to share FDI related information with IB and RAW
Posted on:10 Mar 2016 09:37:02
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10 March 2016 Current Affairs: The Reserve Bank of India will share FDI-related information with country's intelligence agencies IB and RAW to check black money from entering the country. 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.FDI flows into India nearly doubled in 2015 to USD 59 billion, according to a report of United Nations Conference on Trade and Development. Foreign Direct Investment is important for the country as it needs around USD 1 trillion worth investments between 2012-13 and 2016-17, the 12th Five Year Plan period, to fund infrastructure growth covering sectors such as ports, airports and highways
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