NEW DELHI: Finance minister Piyush Goyal on Wednesday moved the fugitive financial offenders invoice in Lok Sabha to offer government power to connect and confiscate the proceeds of crime and properties of fraudsters and loan defaulters who flee the country.
The invoice will replace the Fugitive Economic Offenders Ordinance which used to be promulgated through the President in April.
"This is the first time in the last 70 years after independence that such a strict measure has been taken against the fugitive economic offenders," Goyal said while shifting the invoice.
The invoice provides for measures to discourage fugitives from evading the regulation in India through staying outside the jurisdiction of Indian courts.
It used to be moved amid objections through the Congress chief Mallikarjun Kharge and RSP member NK Premachandran.
Goyal said there's a provision in the invoice that the industrial offenders who flee from the country can be introduced back, prosecuted and their properties can be confiscated.
It seeks to quickly get better losses to the exchequer or public sector banks (PSBs) in circumstances of frauds like the $2 billion fraud carried out allegedly through fugitive jeweller Nirav Modi.
The executive had earlier said that the absence of such offenders from Indian courts hampers investigation and undermines the rule of regulation.
Union minister Arun Jaitley had, in his Budget for 2018-19, said the government used to be bearing in mind to deliver a new regulation to confiscate the assets of such absconders.
The Bill used to be introduced in the Lok Sabha (Lower House) on March 12, but could not be taken up because of logjam in the Parliament over different issues and therefore the President to promulgated the Ordinance.
Among different issues, the Bill makes a provision for Special Court below the Prevention of Money-laundering Act, 2002 to claim an individual as a Fugitive Economic Offender.
However, only circumstances of frauds, cheque dishonour or loan default of over Rs 200 crore would come below the brand new regulation.
The invoice will replace the Fugitive Economic Offenders Ordinance which used to be promulgated through the President in April.
"This is the first time in the last 70 years after independence that such a strict measure has been taken against the fugitive economic offenders," Goyal said while shifting the invoice.
The invoice provides for measures to discourage fugitives from evading the regulation in India through staying outside the jurisdiction of Indian courts.
It used to be moved amid objections through the Congress chief Mallikarjun Kharge and RSP member NK Premachandran.
Goyal said there's a provision in the invoice that the industrial offenders who flee from the country can be introduced back, prosecuted and their properties can be confiscated.
It seeks to quickly get better losses to the exchequer or public sector banks (PSBs) in circumstances of frauds like the $2 billion fraud carried out allegedly through fugitive jeweller Nirav Modi.
The executive had earlier said that the absence of such offenders from Indian courts hampers investigation and undermines the rule of regulation.
Union minister Arun Jaitley had, in his Budget for 2018-19, said the government used to be bearing in mind to deliver a new regulation to confiscate the assets of such absconders.
The Bill used to be introduced in the Lok Sabha (Lower House) on March 12, but could not be taken up because of logjam in the Parliament over different issues and therefore the President to promulgated the Ordinance.
Among different issues, the Bill makes a provision for Special Court below the Prevention of Money-laundering Act, 2002 to claim an individual as a Fugitive Economic Offender.
However, only circumstances of frauds, cheque dishonour or loan default of over Rs 200 crore would come below the brand new regulation.
Piyush Goyal moves fugitive economic offenders bill in Lok Sabha
![Piyush Goyal moves fugitive economic offenders bill in Lok Sabha]()
Reviewed by Kailash
on
July 18, 2018
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