FULL FORM OF ED
- The full form of ED is Enforcement directorate.
- The major responsibilities of the ED are of enforcing economic laws and fighting economic crime in India.
- Enforcement Directorate is a law enforcement agency, it was established in 1956. It is headquartered in New Delhi, India. It is in control of the foreign exchange management act 1999 and certain provisions under the prevention of money laundering act. ED also enforces economic laws and fights economic crimes in India.
- The directorate is under the control of the Department of revenue for administrative purposes which fall under the ministry of finance
HISTORY OF ENFORCEMENT DIRECTORATE
- The electorate department was formed on the 1st of May 1956, when an ENFORCEMENT AGENCY was formed in the department of economic affairs, with an objective to punish people who go against the law under the foreign exchange regulation act 1947. In the year 1957, the unit was renamed to enforcement directorate or ED.
- The enforcement agency after it was renamed as enforcement directorate came into force in 1957. It is headquartered in New Delhi, India. It is in control of the foreign exchange management act 1999 and certain provisions under the prevention of money laundering act. ED also enforces economic laws and fights economic crimes in India. The directorate is under the control of the Department of revenue for administrative purposes which fall under the ministry of finance
KEY FUNCTIONS:
- It investigates suspected violations of the provisions of the Foreign Exchange Management Act(FEMA). There could be many violations such as Hawala transactions, possession of foreign currency illegally, non-repatriation of foreign exchange, and other various forms of violations of FEMA.
- The job of the ED is to collect, form reports and distribute the information related to the violations of FEMA,1999.
- ED has the power to attach the asset of the person found guilty of the violations of the FEMA Act 1999. "Attach the assent" includes punishment for the person found guilty which includes the prohibition of transfer, movement of property under chapter 3 of the money laundering act.
- The ED is also responsible for the arrest and prosecution of the person found guilty of the violation of the Prevention of money laundering act, 2002
- The ED is also responsible for managing and settling down cases of violation under FEMA 1999, and under FERA,1973. He is also the one to decide the penalties to be imposed on the person found guilty of any violations.
- To handle prosecutions and appeals under the FERA, act 1073
CONCLUSION
The enforcement directorate is an important part of Indian politics. It has been involved in many high-profile money laundering cases. The ED is known for handling many high-profile cases in India. But many people in our country do not know what it stands for. It played an important role in money laundering issues.
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