FEMA Lawyer ED Case Advocate PMLA Lawyers ED Case Advocate PMLA Lawyers FEMA Lawyer PMLA Lawyers FEMA Lawyer ED Case Advocate
A FEMA lawyer or Foreign Exchange Management Act lawyer is a legal professional who specializes in advising clients on compliance with the provisions of the FEMA. These lawyers help clients navigate the complex regulations and procedures related to foreign exchange transactions in India.
Similarly, an ED (Enforcement Directorate) case advocate or PMLA (Prevention of Money Laundering Act) lawyer is a legal professional who specializes in advising and representing clients in cases related to money laundering and the financing of terrorism. These lawyers help clients understand the provisions of the PMLA and other relevant laws, and defend them against accusations of money laundering or related offenses.
In India, the Enforcement Directorate is the agency responsible for enforcing the provisions of the PMLA. The ED investigates cases of money laundering and related offenses, and can initiate legal proceedings against individuals and entities suspected of such offenses.
ED case advocates and PMLA lawyers work closely with their clients to understand their specific circumstances and provide tailored legal advice and representation. They also help clients prepare for investigations and legal proceedings, and can represent them in court or before the ED.
Overall, these lawyers play an important role in ensuring that individuals and entities are able to navigate the complex legal landscape related to foreign exchange transactions and money laundering in India.
The Directorate of Enforcement or the ED is a multi-disciplinary organization mandated with investigation of economic crimes and violations of foreign exchange laws. The origin of this Directorate goes back to 1st May, 1956, when an ‘Enforcement Unit’ was formed in the Department of Economic Affairs for handling Exchange Control Laws violations under Foreign Exchange Regulation Act, 1947 (FERA ’47). This Unit with Delhi as Headquarters was headed by a Legal Service Officer, as Director of Enforcement, assisted by an Officer drawn on deputation from Reserve Bank of India (RBI) and 03 Inspectors of Special Police Establishment. There were 02 branches – at Bombay and Calcutta. In the year 1957, this Unit was renamed as ‘Enforcement Directorate’, and another branch was opened at Madras. In 1960, the administrative control of the Directorate was transferred from the Department of Economic Affairs to the Department of Revenue. With the passage of time, FERA’ 47 was repealed and replaced by FERA, 1973. For a short period of 04 years (1973 – 1977), the Directorate remained under the administrative jurisdiction of the Department of Personnel & Administrative Reforms. Presently, the Directorate is under the administrative control of Department of Revenue, Ministry of Finance, Government of India. With the onset of the process of economic liberalization, FERA, 1973, which was a regulatory law, was repealed and in its place, a new law viz. the Foreign Exchange Management Act, 1999 (FEMA) came into operation w.e.f. 1st June 2000. Further, in tune with the International Anti Money Laundering regime, the Prevention of Money Laundering Act, 2002 (PMLA) was enacted and ED was entrusted with its enforcement w.e.f. 1st July 2005. Recently, with the increase in number of cases relating to economic offenders taking shelter in foreign countries, the Government has passed the Fugitive Economic Offenders Act, 2018 (FEOA) and ED is entrusted with its enforcement with effect from 21st April, 2018.
PMLA: The Prevention of Money Laundering Act
1 The Prevention of Money Laundering Act,2002
2 Prevention of Money-Laundering (Maintenance of Records) Rules, 2005
3 Prevention of Money-laundering (Manner of Receiving the Records Authenticated Outside India) Rules, 2005
4 Prevention of Money-laundering (the Manner of Forwarding a Copy of the Order of Retention of Seized Property along with the Material to the Adjudicating Authority and the Period of its Retention) Rules, 2005
5 Prevention of Money-laundering (the Forms and the Manner of Forwarding a Copy of Order of Arrest of a Person along with the Material to the Adjudicating Authority and its Period of Retention) Rules, 2005
6 Prevention of Money-laundering (Forms, Search and Seizure 2[or Freezing] and the Manner of Forwarding the Reasons and Material to the Adjudicating Authority, Impounding and Custody of Records and the Period of Retention) Rules, 2005
7 Prevention of Money-laundering (Receipt and Management of Confiscated Properties) Rules, 2005
8 Prevention of Money-laundering (Appeal) Rules, 2005
9 Prevention of Money-laundering (Issuance of Provisional Attachment Order) Rules, 2013
10 Prevention of Money-laundering (Taking Possession of Attached or Frozen Properties Confirmed by the Adjudicating Authority) Rules, 2013
FEMA: Foreign Exchange Management Act
1 Foreign Exchange Management Act, 1999
2 Foreign Exchange (Compounding Proceedings) Rules, 2000
3 Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000
4 Foreign Exchange Management (Current Account Transactions) Rules, 2000
5 Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and payment of interest) Rules, 2000
6 Foreign Exchange (Authentication of Documents) Rules, 2000
7 Foreign Exchange Management (Non-debt Instruments) Rules, 2019
8 Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2020
9 Foreign Exchange Management(Non-debt Instruments) (Amendment) Rules, 2019
10 Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2020
PMLA: The Prevention of Money Laundering Act
The Prevention of Money Laundering Act (PMLA) is an Indian law passed in 2002, with the aim of preventing money laundering and the financing of terrorism. Money laundering is the process of making illegally obtained proceeds (such as from drug trafficking or corruption) appear legitimate by channeling them through various transactions and disguising their true origin.
The PMLA provides for the confiscation of properties derived from or involved in money laundering and the proceeds of crime. It also establishes the Financial Intelligence Unit-India (FIU-IND) to receive, analyze, and disseminate financial intelligence to law enforcement agencies to aid in their investigation of money laundering and related offenses.
The law applies to a wide range of individuals and entities, including banks and financial institutions, designated non-financial businesses and professions (such as real estate agents and lawyers), and even individuals who deal in high-value transactions. Failure to comply with the provisions of the PMLA can result in fines, imprisonment, or both.
Overall, the PMLA is an important tool in the fight against money laundering and the financing of terrorism in India, and has helped to strengthen the country’s anti-money laundering regime.
FEMA: Foreign Exchange Management Act
The Foreign Exchange Management Act (FEMA) is an Indian law enacted in 1999 to consolidate and amend the laws relating to foreign exchange in India. The law replaced the Foreign Exchange Regulation Act (FERA) and aimed to liberalize and simplify foreign exchange transactions in India.
Under the FEMA, the Reserve Bank of India (RBI) has the power to regulate foreign exchange transactions and to manage India’s foreign exchange reserves. The FEMA also regulates capital transactions, including investments made by non-residents in India, as well as investments made by Indian residents abroad.
One of the main objectives of the FEMA is to promote foreign trade and payments, and to encourage foreign investment in India. The law also seeks to prevent money laundering and other illegal activities related to foreign exchange transactions.
The FEMA provides for penalties for contravention of its provisions, including fines, imprisonment, or both. It also allows for the confiscation of assets involved in the contravention of its provisions.
Overall, the FEMA is an important law for regulating foreign exchange transactions in India and ensuring the country’s economic stability. It helps to facilitate foreign investments and trade, while also providing a framework to prevent illegal activities related to foreign exchange transactions.
Advocates & Lawyers - Advocate in Jabalpur 