Ministry of Finance Current Affairs - 2019
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Union Finance Ministry has appointed Akhilesh Ranjan, Central Board of Direct Taxes (CBDT) member as Convenor of Task Force that is drafting New Direct Tax Legislation (Law). He will replace Arbind Modi who retired in September 2018. The other members (composition) of the Task Force remain unchanged. Akhilesh Ranjan is presently serving as Member (Legislation) of CBDT.
The task force was constituted in November 2017 in order to review Income-tax Act, 1961 and to draft new direct tax law in consonance with the economic needs of the country. At that time, Arbind Modi, who was then Member (Legislation) of CBDT was appointed as Convener of task force.
The task force has been mandated to draft appropriate Direct Tax Legislation keeping in view direct tax system prevalent in various countries, international best practices and economic needs of the country. It will submit its report to Government by February 28, 2019. It has set its own procedures for regulating its work.
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Prime Minister Narendra Modi headed Appointments Committee of the Cabinet (ACC) has appointed Senior IRS officer Sanjay Kumar Mishra as full-time Director of the Enforcement Directorate (ED). He will have tenure of two-years from the date of assumption of the charge of the post or until further orders, whichever is earlier. The post of ED director is additional secretary rank post in the Union government.
Mishra is 1984-batch Indian Revenue Service (IRS) officer of Income Tax cadre. Prior to this appointment he was principal special director in EB appointed in October 2018 and was entrusted with additional charge of ED director for three months. Before ED appointment, he was posted as chief commissioner of Income Tax Department in Delhi.
Enforcement Directorate (ED)
It is economic intelligence and law enforcement agency agency responsible for enforcing economic laws and fighting economic crime in India. It functions under aegis of Department of Revenue, Union Ministry of Finance. Its prime objective is enforcement of two key Acts of Government of India namelyForeign Exchange Management Act 1999 (FEMA) and Prevention of Money Laundering Act 2002 (PMLA) to check money laundering by curbblack money and hawala trade cases. It is composed of officers from the Indian Revenue Service, Indian Police Service and the Indian Administrative Service. It was established in 1956 as ‘Enforcement Unit’ in Department of Economic Affairs. It is headquartered in New Delhi.