The Special Investigation Team (SIT) on Black Money has asked Reserve Bank of India to establish an institutional mechanism to track illicit financial flows and share data with other law enforcement agencies. In a letter to RBI Governor last month, the SIT headed by Justice M B Shah underlined the need for creating a data warehouse from where various agencies can gather relevant information for taking early appropriate action. Earlier, the SIT had asked RBI to provide data on advance remittances and export outstanding of more than one year. At present, RBI holds the information with respect to all types of foreign exchange transactions. It feels that for controlling and tracking illicit financial flows out of the country, use of RBI data by various law enforcement agencies like Enforcement Directorate, Directorate of Revenue Intelligence and CBDT, is of critical importance.