The government plans to introduce a new mechanism whereby companies and individuals accused of economic offences will be assigned a unique code called the ‘Unique Economic Offender Code’.
GS III: Indian Economy
Dimensions of the Article:
- Unique Economic Offender Code: An Overview
- About National Economic Offence Records
Unique Economic Offender Code: An Overview
Alpha-Numeric and System-Generated Code:
- The code assigned to economic offenders will be a combination of alphabets and numbers.
- The code will be automatically generated by the system.
Issuance of the Code:
- The National Economic Offence Records (NEOR) will issue the code.
- NEOR will receive offender data from the police or central investigative agency.
- Once the data is received, NEOR will assign a unique code to each offender.
Linking the Code:
- The code will be connected to the offender’s Aadhaar number (for individuals) or PAN (for companies).
- This linkage ensures that the code is specific to each offender.
Efficient Multi-Agency Probes:
Swift Launch of Probes:
- Authorities can initiate multi-agency investigations promptly with this system.
- They are not required to wait for chargesheets to be filed before commencing a probe.
Comprehensive Offender Profile:
- The unique code, when combined with NEOR, will create a 360-degree profile of the economic offender.
- This profile will contain detailed records of the offender’s economic offenses.
About National Economic Offence Records:
National Economic Offence Records (NEOR) is a comprehensive database or repository that centrally stores information about economic offenses. Here are the key details about NEOR:
Purpose and Function:
Central Repository of Economic Offenses:
- NEOR serves as a centralized system for storing data related to economic offenses.
- It collects and maintains information on various economic offenders.
Sharing Data with Intelligence and Enforcement Agencies:
- NEOR facilitates the sharing of data concerning economic offenders with both central and state intelligence and enforcement agencies.
- This sharing of information enables collaboration and coordinated efforts in dealing with economic offenses.
Development and Implementation:
Coordinated Project by Central Economic Intelligence Bureau:
- The Central Economic Intelligence Bureau is responsible for coordinating and overseeing the development of the NEOR project.
- The bureau works in collaboration with the National Informatics Centre to complete the project successfully.
Migration of Data from Central and State Agencies:
- Once the NEOR project is completed, data from both central and state agencies will be transferred to the national repository.
- This migration process utilizes API (application programming interface) software, minimizing the possibility of manual intervention.
- The use of API software ensures seamless and efficient data transfer.
Centralized and Consolidated Data:
- NEOR facilitates the consolidation of economic offense-related data from various agencies into a single repository.
- This centralized data allows for better analysis, monitoring, and decision-making in tackling economic offenses.
Enhanced Collaboration and Coordination:
- By sharing data across intelligence and enforcement agencies, NEOR promotes collaboration and coordination in addressing economic offenses.
- It enables agencies to work together efficiently and take prompt actions against economic offenders.
Reduced Manual Interference:
- The implementation of NEOR, coupled with the use of API software, reduces the scope for manual interference in data migration.
- This automation ensures accuracy, reliability, and streamlined processes in managing economic offense-related data.
-Source: Times of India