Better management of Suspicious Transaction Reports (STRs) - CBDT invites suggestions from Departmental Officers
STRs constitute a strategically important source of information for Income Tax department. In the last few years the number of STRs has grown tremendously and is growing further. The department has not been able to investigate all STRs promptly.
Board has reviewed the matter from various aspects of better management of STRs and it has been felt that while it is of paramount importance to take steps for better and quicker investigation in available STRs, it is important to identify, inter alia, the types of STRs that have been found not useful from direct tax point of view, so that necessary feedback could be given to FIU-IND to discontinue dissemination of such STRs. This would facilitate reduction in number of STRs and enable quicker and better investigation in remaining STRs.