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Consider the following statements with reference to the Enforcement Directorate (ED):
1. It is mandated with the investigation of offence of money laundering and violations of foreign exchange laws.
2. It is under the administrative control of the Union Ministry of Home Affairs.
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?
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Most Upvoted Answer
Consider the following statements with reference to the Enforcement Di...
Enforcement Directorate (ED)
Statement 1: It is mandated with the investigation of offence of money laundering and violations of foreign exchange laws.
- This statement is correct. The Enforcement Directorate (ED) is a specialized financial investigation agency responsible for enforcing economic laws and fighting economic crime in India. It primarily investigates cases of money laundering and violations of foreign exchange laws.
Statement 2: It is under the administrative control of the Union Ministry of Home Affairs.
- This statement is incorrect. The Enforcement Directorate (ED) is actually under the administrative control of the Department of Revenue, Ministry of Finance. It was established under the Prevention of Money Laundering Act, 2002, and is responsible for enforcing two main laws - the Foreign Exchange Management Act, 1999 (FEMA) and the Prevention of Money Laundering Act, 2002 (PMLA).
Therefore, the correct answer is:
a) 1 only
Statement 1: It is mandated with the investigation of offence of money laundering and violations of foreign exchange laws.
- This statement is correct. The Enforcement Directorate (ED) is a specialized financial investigation agency responsible for enforcing economic laws and fighting economic crime in India. It primarily investigates cases of money laundering and violations of foreign exchange laws.
Statement 2: It is under the administrative control of the Union Ministry of Home Affairs.
- This statement is incorrect. The Enforcement Directorate (ED) is actually under the administrative control of the Department of Revenue, Ministry of Finance. It was established under the Prevention of Money Laundering Act, 2002, and is responsible for enforcing two main laws - the Foreign Exchange Management Act, 1999 (FEMA) and the Prevention of Money Laundering Act, 2002 (PMLA).
Therefore, the correct answer is:
a) 1 only
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Consider the following statements with reference to the Enforcement Di...
The Enforcement Directorate (ED) recently conducted fresh raids in at least five places across West Bengal, in connection with the alleged multi-crore school recruitment scam in the state.
About Enforcement Directorate (ED):
- It is a multi-disciplinary organization mandated with the investigation of offence of money laundering and violations of foreign exchange laws.
- It was established in 1956 as an ‘Enforcement Unit’ under the Department of Economic Affairs.
- Later, in 1957, this unit was renamed the ‘Enforcement Directorate’.
- It is under the administrative control of the Department of Revenue (under the Ministry of Finance) for operational purposes.
- ED is responsible for enforcement of the Prevention of Money Laundering Act, 2002 (PMLA), Foreign Exchange Management Act, 1999 (FEMA), and Fugitive Economic Offenders Act, 2018 (FEOA).
- ED has the power to attach the assets of the culprits found guilty of the violation of FEMA.
- It has also been empowered to undertake, search, seizure, arrest, prosecution action, and survey, etc. against the offences committed under PMLA.
- Appointment of Director of ED: The ED Director is appointed by the central government on the recommendation of a committee:
- chaired by the Central Vigilance Commissioner and
- members comprising of Vigilance Commissioners, Home Secretary, Secretary DOPT, and Revenue Secretary.
Hence only statement 1 is correct.
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Consider the following statements with reference to the Enforcement Directorate(ED):1. It is mandated with the investigation of offence of money laundering and violations of foreign exchange laws.2. It is under the administrative control of the Union Ministry of Home Affairs.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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