Economic offences often have multiple dimensions which fall under the jurisdiction of various law enforcement agencies. To facilitate coordination amongst the Enforcement Agencies dealing with economic offences, a two-tier system has been established- the Economic Intelligence Council (EIC) chaired by the Finance Minister, and 30 Regional Economic Intelligence Councils (REICs) in different places in India chaired by the Chief Commissioners of Customs, Central Excise or Income Tax.
The EIC is the apex forum overseeing government agencies responsible for economic intelligence and combating economic offences in India. The Council is also the apex of REICs, and is part of the Union Ministry of Finance. It was formed in 1990.
The Economic Intelligence Council is responsible for coordination, strategy and information-sharing amongst the government agencies responsible for intelligence and control of economic offences such as smuggling, money laundering tax evasion and fraud. The Council also advises the Finance Minister and the Union Council of Ministers on laws regulating the financial sector and fighting economic crimes.
The chairperson of the EIC is the Finance Minister of India. Its chief members include the Governor of the Reserve Bank of India (RBI), Chairman of the Securities and Exchange Board of India (SEBI) and the Directors of the Central Bureau of Investigation (CBI), Narcotics Control Bureau (NCB) and the Directorate of Revenue Intelligence.