ED powers to be clipped

NEW DELHI: The Foreign Exchange Management Bill seeks to considerably curtail the powers of the Enforcement Directorate, which will have to function within the parameters of the Criminal Procedure Act.

Sources pointed out that the Enforcement Directorate will cease to enjoy autonomy and blanket powers as they will not be needed in a regime when the government is aiming to go in for capital account convertibility in future. However, the funds having its origin in some criminal activity will be probed under the provisions of the Proceeds of Crime and Money Laundering Prevention Bill.