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Consider the following statements regarding National Economic Offence Records (NEOR):
  1. It is a central repository of all economic offences that will share data with all central and state intelligence and enforcement agencies.
  2. The National Financial Reporting Authority (NFRA) has been given the task of coordinating and completing the NEOR project.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding National Economic Offence ...
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’.
About Unique Economic Offender Code:
  • The code will be alpha-numeric and system-generated.
  • It will be issued once the police or central investigative agency sends the data about an offender to the National Economic Offence Records (NEOR).
  • It will be specific to each offender and will be linked with his/her Aadhaar number in the case of an individual or PAN in the case of a company.
  • With this mechanism, multi-agency probes will be launched against individuals or companies swiftly, and authorities won't have to wait for chargesheets to be filed before starting a probe.
  • Under NEOR, this codification will provide a 360-degree profile of the economic offender and their record.
What is National Economic Offence Records (NEOR)?
  • NEOR is a central repository of all economic offences that will share data related to each economic offender with all central and state intelligence and enforcement agencies.
  • The Central Economic Intelligence Bureau has been given the task of coordinating and completing the project with the NEOR project with the help of the National Informatics Centre.
  • Once completed, all data from central and state agencies will be migrated to the national repository using the API (application programming interface) software, reducing any scope for manual interference.
Hence only statement 1 is correct.
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Consider the following statements regarding National Economic Offence Records (NEOR): It is a central repository of all economic offences that will share data with all central and state intelligence and enforcement agencies. The National Financial Reporting Authority (NFRA) has been given the task of coordinating and completing the NEOR project.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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