ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 19 April. Click Here for more information.
ForumIAS Answer Writing Focus Group (AWFG) for Mains 2024 commencing from 24th June 2024. The Entrance Test for the program will be held on 28th April 2024 at 9 AM. To know more about the program visit: https://forumias.com/blog/awfg2024
- Enforcement Directorate(ED) has fined Hurriyat Conference leader Syed Ali Geelani and booked him under the Foreign Exchange Management Act (FEMA).He has been booked for illegal possession of foreign exchange under FEMA act,1999.
- The Foreign Exchange Management Act,1999 (FEMA) is an Act of the Parliament of India to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.It replaced the Foreign Exchange Regulation Act (FERA).The act makes offenses related to foreign exchange civil offenses.It extends to the whole of India.
- FEMA enabled a new foreign exchange management regime consistent with the emerging framework of the World Trade Organisation (WTO).It also paved way to Prevention of Money Laundering Act 2002,which was effected from 1 July 2005.
- ED is a law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India.It is part of the Department of Revenue,Ministry of Finance.
- The prime objective of the Enforcement Directorate is the enforcement of two key Acts- (a)Foreign Exchange Management Act 1999 (FEMA) and (b)Prevention of Money Laundering Act 2002 (PMLA).Other objectives are primarily linked to checking money laundering in India.
