Govt introduces Fugitive Economic offenders Bill in Lok Sabha

Fugitive Economic Offenders Bill tabled in lok sabha

The government on Monday introduced the Fugitive Economic Offenders Bill 2018 in the Lok Sabha seeking to tighten the noose around individuals who are wanted by local courts for offences under various Acts, including the Reserve Bank of India Act, Securities Exchange Board of India Act, insolvency and bankruptcy Act, central goods and services tax Act, prevention of money laundering Act, companies Act and foreign black money Act.

The proposed fugitive law aims to impound and sell assets of Nirav Modi-type escapees with a view to quickly recover dues.

The Bill paves the way for confiscation of all assets, including benami assets, both within and outside the country, of declared economic offenders.

The Economic Offenders Bill 2018 was introduced by Shiv Pratap Shukla, Minister of State for Finance, in the Lower House amidst din over the PNB scam.

The Bill has been proposed to address the lacunae in the present laws and lay down measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts.

The bill was introduced in the backdrop protests over the almost Rs 12,700 crore fraud at Punjab National Bank in which businessman Nirav Modi is allegedly involved. The offender will not be able to pursue any civil case in India when a case under the fugitive economic offenders' act is being pursued, a government statement said.

He felt the Bill, when enacted, had the potential to be misused as it provides for the presumption of "guilty until proven innocent" for an accused. BJD Member Bhartruhari Mahtab opposed the introduction of the Bill, saying it goes against theFundamental right of the people and it can also be misused.

The Bill, inter alia, provides for the definition of the fugitive offender as an individual who has committed a scheduled offence or offences involving an amount for Rs 100 crore or more and has absconded from India and refused to come back to avoid criminal prosecution or face trial.

A Bill to streamline and strengthen the chit fund sector was introduced in the Lok Sabha on Monday which mandates video conferencing while the opening of bids and seeks to hike commission of foremen from 5% to 7%.



Latest news

Nirmala Sitharaman To Visit China In April In Bid To Stabilize Relations
Prime Minister Narendra Modi will also visit China in June this year to attend the Shanghai Cooperation Organisation meeting. Prior to Parrikar's visit, then Indian defence minister A.K.

Earnings Forecast Revision Scan: Kilroy Realty Corporation (KRC)
After $0.85 actual EPS reported by Kilroy Realty Corporation for the previous quarter, Wall Street now forecasts 5.88% EPS growth. Crossmark Global Holdings Inc.'s holdings in Kilroy Realty were worth $753,000 at the end of the most recent reporting period.

S. Korea to ease China over USA , N. Korea talks
Under Kim Jong-un, ties with the USA have gone from bad to worse, leading to open fears of conflict. The US and South Korea hold military maneuvers every year.

Man United midfielder Carrick announces summer retirement
I had a procedure the following week", he said. "I've been training hard and we'll see what happens for the rest of the season". He added: "It's kind of been sorted out, but we're still talking about it so there is nothing to totally confirm yet.

Leucadia National Corp Purchases 23463 Shares of Oclaro Inc (NASDAQ:OCLR)
Prudential Fincl has invested 0% in Oclaro, Inc . (NASDAQ: OCLR ) has "Buy" rating given on Tuesday, February 6 by M Partners . It fall, as 43 investors sold OCLR shares while 60 reduced holdings. 116 funds opened positions while 640 raised stakes.

Other news