Government

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.

latest News

  • No Need For Govt Employees To Visit Banks To Start Pension, PPO Will Be Handed At Time Of Retirement

    The Personnel Ministry said that there is no need for central government employees to visit banks to start pension as their copy of the Pension Paymen...

    Read More
  • 7th Pay Commission: Committee On Allowances To Finalize Report On Payment Of Allowances To Government Employees

    The Committee on Allowances headed by Finance Secretary Ashok Lavasa will finalize the report on the payment of allowances to 47 lakh government emplo...

    Read More
  • Karnataka Budget 2017: Following Jayalalithaa's example, Siddaramaiah announces 'Namma Canteen'

    Karnataka chief minister Siddaramaiah has taken a leaf out of his former Tamil Nadu counterpart J Jayalalithaa's book to court public popularity throu...

    Read More