What is the full form of ED
ED: Enforcement Directorate
ED stands for Enforcement Directorate. It is a law enforcement agency, which was established in 1956. It is responsible for enforcement of the Foreign Exchange Management Act, 1999 (FEMA), and certain provisions under the Prevention of Money Laundering Act (PMLA), 2002. It is headquartered in New Delhi, India.
ED enforces economic laws and fights economic crime in India. It resolves issues by adjudication and has provision for appeal in both acts and has its own courts for trails and its own appellate tribunals.
The Enforcement Directorate is under the administrative control of Department of Revenue under the Ministry of Finance. It has 10 Zonal Offices, which are headed by Deputy Directors, and has 11 sub Zonal Offices, which are headed by Assistant Directors.
Functions of the Enforcement Directorate:
- To investigate the suspected violations of the provisions of the FEMA, such as hawala transactions, export proceeds, non-realization of export proceeds, foreign exchange violations, and other violations under FEMA.
- To collect, develop, and disseminate intelligence information related to violations of FEMA, 1999.
- Attachment of the assets of defaulters of FEMA which means prohibition of transfer, conversion, disposition or movement of property by an order issued under Chapter III of the Money Laundering Act (Section 2(1) (d)).
- To undertake actions such as search, arrest, prosecution action and survey against offender of PMLA offence
- To settle cases of violations of the erstwhile FERA, 1973 and FEMA, 1999 and to decide penalties
- To arrest a person involved in the act of money laundering and to prosecute a person involved in the act of money laundering