Vivek R Wadekar Appointed New Special Director In ED

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IRS officer Vivek R Wadekar was appointed as the new Special Director in the Enforcement Directorate (ED) by the government. The Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi issued an order appointing the officer of the Income Tax Department to the new post.

Vivek R Wadekar has been appointed for the tenure of five years. The ED is the central investigative agency, under the Union finance ministry, that enforces the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA) in the country.

The Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi issued an order appointing the 1991-batch Indian Revenue Service (IRS) officer of the Income Tax Department to the new post.

The officer will be based in Delhi and his appointment will be for five years from the date he takes the charge at the agency.

Prevention of Money Laundering Act (PMLA) :

Prevention of Money Laundering Act, 2002 is an Act of the Parliament of India enacted by the NDA government to prevent money-laundering and to provide for confiscation of property derived from money-laundering. PMLA and the Rules notified there under came into force with effect from July 1, 2005.

Foreign Exchange Management Act (FEMA) :

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 was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA).