Which of the following statement(s) is/are correct about the ‘Enforcement Directorate’?
1. It was established in the year 2002 with the passing of Prevention of Money Laundering Act (PMLA).
2. It is responsible for the enforcement of Foreign Exchange Management Act and only certain provisions of the PMLA.
3. Its administrative control falls under the Department of Revenue, Ministry of Finance.
Select the correct codes from below -
Explanation - It was established in the year 1956 as an ‘Enforcement Unit’ under the Department of Economic Affairs. Later, in 1957, this Unit was renamed as ‘Enforcement Directorate’.
Presently, it is under the administrative control of the Department of Revenue (Ministry of Finance) for operational purposes. ED is responsible for enforcement of the Foreign Exchange Management Act, 1999 (FEMA), and certain provisions under the PMLA.
ED has the power to attach the asset of 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.
Explanation - It was established in the year 1956 as an ‘Enforcement Unit’ under the Department of Economic Affairs. Later, in 1957, this Unit was renamed as ‘Enforcement Directorate’.
Presently, it is under the administrative control of the Department of Revenue (Ministry of Finance) for operational purposes. ED is responsible for enforcement of the Foreign Exchange Management Act, 1999 (FEMA), and certain provisions under the PMLA.
ED has the power to attach the asset of 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.