The Special Investigation Team (SIT) had wanted to name the Enforcement Directorate (ED) as the chief coordinating agency for the panel -- which has close to a dozen central agencies working on it -- but chose the Central Economic Intelligence Bureau (CEIB) for the important role.
The SIT zeroed in on CEIB after it was found that the agency had all the resources at its disposal for handling the role while ED is already overburdened with money laundering and foreign exchange violation cases and is facing a manpower shortage as well.

"CEIB has recently been appointed as the main coordinating body for the SIT. It is the 12th agency which will work with the SIT on black money, albeit from the sidelines and not as a part of the core panel," said sources privy to the development.

Set up in 1985, CEIB is the nodal agency for coordinating financial and economic intelligence data and ensuring effective interaction among all the agencies concerned which are engaged in dealing with economic offences in the country.

"CEIB has been tasked with coordinating all cases of black money under the scanner of the SIT and it will also compile various cases being investigated by different probe agencies and bring it on the table for scrutiny by the SIT.

"It is doing an important job in view of the fact that some cases will get time-barred on March 31," they said. The SIT on black money, headed by Justice (retired) MB Shah and with Justice (retd) Arijit Pasayat as its Vice Chairman, has as its members the heads or top officials of various departments and agencies.

Among these are the Secretary (Revenue) in the Finance Ministry, an RBI Deputy Governor, Directors of IB, ED, RAW, Financial Intelligence Unit and CBI, CBDT Chairman, DG Narcotics Control Bureau, DG DRI and the Joint Secretary (Foreign Tax and Tax Research Wing) in the Finance Ministry.

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