May 19, 2017

Govt. Drafts Fugitive Economic Offenders Bill

Fugitive Economic Offenders Bill

On May 18, India proposed a new legislation to confiscate assets of offenders who leave the country to escape legal actions, in a move aimed at punishing high-profile defaulters such as Vijay Mallya.

Finance Ministry, Arun Jaitley prepared a draft Fugitive Economic Offenders Bill and sought public comments.

Jaitley said that “It is widely felt that the specter of high-value economic offenders absconding from India to defy the legal process seriously undermines the rule of law in India.”

Jaitley further added that “It is, therefore, felt necessary to provide an effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed.”

On February 1, Jaitley said that “the government was considering introducing legislative changes or even a new law to confiscate the assets of such absconders till they submit to the jurisdiction of the appropriate legal forum.”

“In the recent past, there have been instances of big time offenders, including economic offenders, fleeing the country to escape the reach of law. We have to ensure that the law is allowed to take its own course,” Jaitley had said.

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