×

UPSC Courses

DNA banner

DAILY NEWS ANALYSIS

  • 09 September, 2021

  • 15 Min Read

Enforcement Directorate

What is an Enforcement Directorate (ED)?

  • Enforcement Directorate (ED) is a specialized financial investigation agency under the Department of Revenue, Ministry of Finance.
  • On 1st May 1956, an ‘Enforcement Unit’ was formed in the Department of Economic Affairs for handling Exchange Control Laws violations under Foreign Exchange Regulation Act, 1947. In 1957, it was renamed as ‘Enforcement Directorate’.
  • ED enforces the following laws:
  1. Foreign Exchange Management Act (FEMA), 1999.
  2. Prevention of Money Laundering Act (PMLA), 2002.
  • The Headquarters of Enforcement Directorate (ED) is situated in New Delhi and headed by the Director of Enforcement.
  • The director is appointed by the Appointments Committee of the Cabinet headed by the Prime Minister.

Why in news?

  • The Supreme Court did not intervene with the government’s decision to “retrospectively extend” the tenure of Sanjay Kumar Mishra as the Director of the Enforcement Directorate (ED), saying his tenure is anyway drawing to a close in November 2021.
  • In a judgment pronounced, a Bench led by Justice L. Nageswara Rao, however, said Mr. Mishra should not be given any further extension at the top of the specialized Central agency which investigates sensitive cases under the Prevention of Money Laundering Act.
  • The court, however, upheld the power of the government to extend his tenure beyond two years.
  • As the tenure of appointment of Director of Enforcement is not a maximum period of two years, a person can be appointed as Director of Enforcement for a period of more than two years... The decision to extend the tenure of the respondent [Mishra] is pursuant to the recommendation made by the high-powered committee,”
  • However, the court said the power to grant extensions for a “reasonable period” to the ED Director should be done rarely and only after recording the reasons.

Source: TH


Sun, Solar Missions & Solar Phenomenon

Sun, Solar Missions & Solar Phenomenon Context: This topic is important for UPSE Prelims and Mains GS Paper3. Aurora An aurora also known as the polar lights or aurora polaris, is a natural light display in Earth's sky, predominantly seen in high-latitude regions (around the Arctic&nb

Changes in the Prompt Corrective Action norms for bank

Changes in the Prompt Corrective Action norms for banks Context: This topic is important for UPSE GS Paper 3. What will commercial banks under scrutiny need to do to get out of the restrictions imposed by the central bank? The story so far: The RBI issued a notification on November 2 revising norms for commercial banks to be placed under t

Study on Countries’ commitment on Climate Change

Study on Countries’ commitment on Climate Change Context: This topic is important for UPSE GS Paper 3. The findings, while optimistic, come amidst the deliberations underway at Glasgow. How effective are climate change pledges made by countries in containing global warming?  A study published Friday in the journal Science fin

National Investment and Manufacturing Zones (NIMZ)

About National Investment and Manufacturing Zones (NIMZ) The Government of India (GoI) has announced a National Manufacturing Policy, 2011, with the objective of enhancing the share of manufacturing in GDP to 25% within a decade and creating 100 million jobs. NIMZs are one of the important instruments to achieve it. As per the Policy, &ldqu

International Financial Services Center (IFSC)

What is an International Financial Services Center (IFSC)? An IFSC caters to customers outside the jurisdiction of the domestic economy.  Such centres deal with flows of finance, financial products and services across borders.  London, New York and Singapore can be counted as global financial centres.  The&n

Students Achievement

Search By Date

Newsletter Subscription
SMS Alerts