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Govt tables Fugitive Economic Offenders Bill to punish absconders
The Government on Monday tabled a bill that seeks to confiscate all the assets of absconding fraudsters and loan defaulters for recovering dues from them.
The Fugitive Economic Offenders Bill 2018 aims to impound and sell assets of fugitives such as Nirav Modi, who is alleged to be behind the nearly Rs 12,700 crore fraud at Punjab National Bank.
The law will apply to defaulters who have an outstanding of Rs 100 crore or more and have escaped from the country.
The Bill tabled in the Lok Sabha provides for “measures to deter fugitive economic offenders from evading the process of law in India by staying outside the jurisdiction of Indian courts, to preserve the sanctity of the rule of law in India and for matters connected therewith or incidental thereto”.
As per the statement of objects and reasons of the Bill, there have been several instances of economic offenders fleeing the jurisdiction of Indian courts anticipating the commencement of criminal proceedings or sometimes during the pendency of such proceedings.
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Sunday EditionView All
18 Mar 2018 | PNS
AAI conducts international workshop for utilizing GAGAN In keeping with the Prime Minister’s objective of using technology as a means of development and co-operation, Airports Authority of India has now offered GPS-aided Geo Augmented Navigation (GAGAN) to SAARC and Southeast Asian countries in order to allow them to reap the significant benefits that accrue from such an advanced navigation system. AAI conducted a two-day workshop on March 15 and 16, 2018...
STATE EDITIONSView All
19 Mar 2018 | Staff Reporter | Bhopal
Leader of the Opposition in the state assembly Ajay Singh said that the claims of women well-wisher Chief Minister Shivraj Singh are deceiving as miscreants with minor offences are arrested with immediate effect, but in the matter related to a minister's son, Chouhan says enquiry would be conducted He further alleged that prime facie, minister's son was responsible for Preeti Raghuvanshi’s suicide. Chief Minister Shivraj Singh Chouhan today instructed police officials to...