What is the Full form of ED?
The full form of ED is the Enforcement Directorate. ED is an economic intelligence organization that implements laws of economics and defends against financial crimes in the nation. ED stands under the Department of Revenue, Ministry of Finance, Indian Govt.
ED was founded in 1956. The headquarters is situated in New Delhi. The ED also has many regional offices in Kolkata, Mumbai, Chandigarh, Hyderabad, etc. It has subzonal offices in various cities, too. It is composed of Indian Revenue Service, Indian Police Service, Indian Corporate Law Service and Indian Administrative Service officers.
Main objectives of ED
- The primary objective of the ED is to enforce two major Indian government laws, including the FEMA 1999 (Foreign Exchange Management Act) and the PMLA 2002 (Money Laundering Prevention Act);
- The ED’s official website enlists several other targets that are specifically linked to combating money laundering in India.
- It is an investigative body in particular and the release of full information on the public domain is contrary to GOI guidelines.
Operations of ED
- The intelligence reports are provided from different sources including State & Intelligence departments, grievances etc. to gather, establish and disseminate information related to FEMA violations, 1999.
- Examining suspected infringements of the 1999 FEMA regulations including acts such as hawala foreign exchange racketeering, non-realization of export proceeds, non-repatriation of international trade and other forms of FEMA violations, 1999.
- Adjudicating cases of former FERA 1973 & FEMA 1999 violations.
- To carry out the fines levied after the adjudication process.
- Appeals, appeals and legal proceedings under the former FERA 1973 handling.
- To carry out investigations, searches, inspections, convictions, lawsuits etc. against PMLA suspects.
- Providing and obtaining mutual legal support from contracting states as regards confiscation of illegal activity and also the transfer of alleged criminals under PMLA.