President Approves Fugitive Economical Offenders Pecker 2018 : Highlights

President Ram Nath Kovind today gave his assent to the Fugitive Economic Offenders Bill 2018, a Bill to furnish for measures to deter economic offenders from evading the procedure of Indian constabulary past times remaining exterior the jurisdiction of Indian courts, thereby preserving the sanctity of the dominion of constabulary inwards India. This ordinance volition come upwardly into outcome from today. It volition endure really of import for upcoming banking as well as other competitive exams. So, let’s endeavour to empathize this mouth inwards detail.

Who is Fugitive Economic Offender ?

  • A fugitive economical offender is an private who has committed merely about specified offense  involving an amount of ₹ 100 crore or more as well as has absconded (escaped) from India or refused to come upwardly dorsum to Bharat to avoid or expression upwardly criminal prosecution inwards India. 
  • Some of the Recent Fugitive Economic Offenders : Nirav Modi, Vijay Mallya, Lalit Modi, Mehul Choksi as well as Jatin Mehta etc.

History of Fugitive Economic Offenders Bill

  • After the recent fiscal frauds came to fore inwards India, specially the Rs 13,000 crore PNB scam where diamantaire Nirav Modi and Mehul Choksi fled the country, it became apparent that the existing civil as well as criminal provisions are non solely adequate to bargain amongst the severity of the problem.
  • The absence of offenders during investigations poses problems for the probing agencies apart from undermining the constabulary of the country. 
  • So the Fugitive Economic Offender Bill came to light.
  • The Union Government approved the mouth inwards Apr 2018.
  • The Lok Sabha has cleared the ordinance during the monsoon session of Parliament on 19th July 2018.
  • Today (on fifth August 2018), President Approved the mouth making it every bit a law.

What is Fugitive Economic Offenders Bill ?

  • This mouth empowers regime to attach as well as confiscate properties as well as assets of economical offenders similar loan defaulters who flee the country.
  • This mouth aims to halt economical offenders who function out the the world to avoid due process. 
  • Economic offences amongst a value of to a greater extent than than Rs 100 crores, which are listed inwards the schedule of the Fugitive Economic Offenders Bill, come upwardly nether the purview of this law. 
  • As per the Bill, a courtroom (‘Special Court’ nether the Prevention of Money Laundering Act, 2002) has to declare a someone every bit a Fugitive Economic Offender.
  • Courts or tribunals tin besides bar such offenders or their associated companies from filing or defending civil claims earlier it.
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