Government proposes Draft Bill on Fugitive Economic Offenders
Written by : SMTV24x7 | Tue, Sep 19, 2017, 11:46 AM
New Delhi, Sept 19: The law ministry has given its nod for a draft bill which empowers the government to confiscate the property of economic offenders and defaulters who flee India, albeit with a new provision.
Official sources have said that "Law Ministry has also suggested a 'Saving Clause' to be incorporated in the Fugitive Economic Offenders Bill 2017 before it is introduced in the Lok Sabha in the ensuing winter session of Parliament".
A saving clause provides for the certain exception(s) in a statute. It enables the repealed law to be in force with respect to some existing rights.The proposed law will be applicable in cases where the value of offenses is over Rs 100 crore.
Earlier the Finance Minister Arun Jaitley in 2017-18 Budget speech has announced that legislative changes or even a new law to confiscate the assets of such fugitives.It seeks to deter economic offenders from evading the process of Indian law by fleeing the country.
The proposed bill allows the Financial Intelligence Unit (FIU), the premier technical snoop wing under the finance ministry, to file an application for the declaration of the fugitive economic offender for the confiscation of their assets.