Digital trail: I-T may soon track electronic transactions like RTGS, NEFT

FinMin's pilot project is aimed at tracking benami transactions

The finance ministry is planning a pilot project that will allow tax authorities to access unique transaction reference numbers generated by banks.
 
The ministry was working on the feasibility of the project, said a tax official.  The ministry is considering setting up a dedicated team comprising the Reserve Bank of India (RBI) and income-tax department officials to maintain records of all unique transaction reference-related information. Unique transaction reference numbers can be provided on the basis of inputs received from the Financial Intelligence Unit and other sources.
 
“At present, there is no provision for sharing unique transaction reference numbers