Govt sets up a dept to probe black money

In an attempt to crack down on black money,the government on Monday announced the creation of a criminal investigation wing under the Central Board of Direct Taxes CBDT to track and prosecute economic offenders.

A notification issued by the Finance Ministry said the new Directorate of Income Tax Criminal Investigation would seek and collect information about persons and transactions suspected to be involved in criminal activities having cross-border,inter-state or international ramifications,that pose a threat to national security and are punishable under the direct tax laws.

The notification will come into effect immediately.