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| Name | Tools of Investigation for ED under PMLA | ED Proceedings under PMLA | Monisha Chaudhary |
| Video Uploader | Video From Enterslice |
| Upload Date | This Video Uploaded At 22-04-2022 05:24:20 |
| Video Discription | Being vested with the powers to enforce two important laws, namely Foreign Exchange management Act (FEMA), 1999 and Prevention of Money Laundering Act (PMLA), 2002 in the country, Enforcement Directorate has come a long way, since its inception tracing back to May 1, 1956, the time when an ‘Enforcement Unit’ was established under the Department of Economic Affairs which was there to handle Exchange Control Law violations falling under the Foreign Exchange Regulation Act, 1947 (FERA). At that time, the Enforcement Unit had two branches, one was located in Mumbai and the other in Calcutta, now Kolkata. ED’ key powers and functions under PMLA 1. Power of Investigation 2. Power during Survey 3. Power during Search and Seizure 4. Power to issue Summons 5. Power of Search of Persons 6. Attachment of Property Recovery of Fines, Penalties and Arrears of Penalties Under Section 69 of #PMLA, wherein any fine is imposed on any person under section 13 or section 63 and such imposed fine or penalty is not paid within a period of 6 months from the day of imposition of such fine or penalty, then the Director or Assistant Director of Enforcement or any other officer authorised by them in this regard shall proceed to recover such amount of fine or penalty from the said person in the same manner as it is prescribed in Schedule II of the Income Tax Act, 1961 for the recovery of arrears and the above mentioned officers shall have all the powers of the Tax Recovery Officer as mentioned in the said Schedule for the said purpose. Appeals Under Section 26 of PMLA, any person concerned who is aggrieved by an order made by the Adjudicating Authority under the Act, may file an appeal to the Appellate Tribunal within a period of forty-five days from the date of receipt of a copy of such order made by the Adjudicating Authority. Also, under Section 42, any person aggrieved by any decision or order of the Appellate Tribunal may choose to file an appeal to the High Court within a period of sixty days from the date of communication of such a decision or order of the Appellate Tribunal to him. OTHER POWERS OF THE #EnforcementDirectorate UNDER PMLA, 2002 Retention of Impounded records held during investigation Under Section 50 of PMLA, the ED shall retain the custody of any produced records during the proceedings, for such period, as it thinks fit. However, an Assistant Director or a Deputy Director shall retain such custody of records only after recording his reasons for so doing and if they wish to retain such record for a period exceeding three months, a prior approval of the Director would be required. Time Limitations Under the Sections 20 and 21, any property or record so seized, shall be retained or if frozen may continue to remain frozen for a period not more than 180 days from the day on which such seizure or freezing has been don, unless it is permitted by Adjudicating Authority under PMLA to continue such seizure or freezing beyond the period of 180 days. Release of seized/frozen records Under Section 21, after passing of an order of confiscation of properties under Section 8, the Adjudicating Authority shall order the release of the records to the person from whom such records were obtained. However, the Director or any other officer authorised by him in this behalf, may further withhold such release for a period of ninety days more if he (Director of Enforcement) is of the opinion that such property is relevant for the purpose of appeal proceedings under this Act. Admissibility of recorded statements before the ED The statements which are recorded before the Investigating Officer under PMLA shall be an admissible evidence in the Court of Law as such a proceeding is considered to be the judicial proceedings aflling within the meaning of Section 193 and 228 of IPC. Want to know more about #Enterslice Share, Support, Subscribe!!! to our YouTube channel: http://bit.do/fqM2B Facebook: https://www.facebook.com/enterslice Twitter: https://www.twitter.com/enterslice LinkedIn: https://www.linkedin.com/company/enterslice/ Instagram: http://instagram.com/enterslice_official |
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| Tags | enterslice | nbfc | fssai | charted accountant | vcfo | Tools of Investigation for ED under PMLA | ED Proceedings under PMLA | Enforcement Directorate | Tools of Investigation for ED | powers and functions under PMLA | Power of Investigation | Power during Survey | Power during Search and Seizure | Power to issue Summons | Power of Search of Persons | Attachment of Property | Enforcement Directorate UNDER PMLA | Enforcement directorate | Prevention of Money Laundering Act | Hawala transactions |
