SKETCHY ENFORCEMENT DIRECTORATE

SOME BASICS:

Every general knowledge aficionado, who is indulged in banking exams preparation must be knowing latter-day news of  Rajan Kathoch who got 3 months extension of his tenure as a director of ED. When I came to know about him I had so many questions which started eating my brain. First one was, what is ED and it's basic role regarding GOI? Is it "That much" important to us? Why this news is circulating as "Fire in the woods". Then I decided to collect all basic informations about it so as to everyone, who doesn't have any clue, will get enough knowledge to crack any exam. ED is basically the law imposition and economic intelligence agency. Are you getting confused? Oh! Don't need to be if I am here. I explain it to you in very simple terms. When you counter a forgery where do you go to lodge a complaint, which organisation is liable to puzzle out your problem, since the role of police is to enforce the law (It will entertain the victim), ED is same as that. Enforcement Directorate takes care of all economic crime types and imposing economic laws. It comes under Ministry of Finance and is component of  the Department of Revenue.

At the moment if we talk about its officers, what do you think wherefrom they get selected? Don't you dare to think about anonymous department inasmuch as answer is "Crystal clear".  How much this department is colossal so do officers. ED is made up of  officers from overarching departments like Indian Police Service, Indian Administrative Service and Indian Revenue Service. ED is basically the watchdog of FEMA and PMLA.

 ECONOMIC CRIMES:-

                                                                        

                                                                      When we talk about economic crimes it is our devoir to know about what they are. Because its happening around us and we are blind enough to ignore it. But why can't we understand that these are posing serious threat to our's security. Economic crimes are assorted various offences like any kind of fraud that raises money, for-instance; computer and policy fraud schemes, acquiring money from illegal resources, generating revenues from illicit group or individual, drug smuggling, bribery, human trafficking, harlotry, migrants smuggling. These are the latest vogue as they precipitate huge amount without any hurdle. This money is termed as "Dirty Money" and it comes under "Money laundering crime". 

ECONOMIC LAW:-

                                            As I told you before there are several economic laws which come under the aegis of ED. First you have to tread upon the heels of these laws if you want to set up a business unless you would be in rigorous trouble. Draw your attention and follow them meticulously.

HOW ED WORKS:-

                                         (As per my loyal reader's suggestion) I want to elaborate ED's role in economic crime by giving one recent example.
Every body knows who "Lalit Modi" is. He is famous for his fund laundering case in Indian Premier League 2009. So ED has issued a summon against him for contravention of PMLA act. ED has also slapped 16 charges against Lalit Modi for violating FEMA act.

 # SALE OF GOODS ACT (1930)

# PAYMENT OF BONUS ACT (1965)

#ARBITRATION AND CONCILIATION ACT (1996)

# NEGOTIABLE INSTRUMENTS ACT (1881)

# INDUSTRIAL DISPUTES ACT (1947)

# COMPETITION ACT (2002)

# FACTORIES ACT (1948)

# MINIMUM WAGES ACT (1948)

 and so on.

Some general knowledge facts:

• Initiation Time- 1st June, 2002. It comes under central government of India.
• Head Office- New Delhi
• Director- (as you all know) Rajan Katoch, IAS

Acronyms:

ED- Enforcement Directorate

GOI- Government Of India

FEMA- Foreign Exchange Management Act, 1999

PMLA- Prevention of Money Laundering Act, 2002

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