NEW DELHI: President Ram Nath Kovind has given assent to a law that will deter fugitive economic offenders to evade criminal process in India and flee the country.
A fugitive economic culprit is somebody towards whom warrants for arrest is issued for his involvement in choose economic offences involving amount of no less than Rs 100 crore or extra and has left India so that you could avoid legal prosecution.
The Fugitive Economic Offenders Act, 2018 has were given the nod from the president, according to an respectable order.
The new regulation will save you giant economic offenders like Vijay Mallya and Nirav Modi from fleeing the country and evading the law.
Both Mallya and Modi, wanted in cases being probed through the Central Bureau of Investigation (CBI), are out of India.
The new law lets in designated special court docket to claim an individual as fugitive economic culprit and to confiscate his property, together with 'benami' ones.
"All the rights and title in the confiscated property shall, from the date of the confiscation order, vest in the central government, free from all encumbrances," the Act says.
The Fugitive Economic Offenders Bill, 2018 used to be handed through the Rajya Sabha on July 25. The Lok Sabha had cleared the measure on July 19.
Justifying the monetary limit of Rs 100 crore for invoking the provisions of this new law, Finance Minister Piyush Goyal had just lately stated in Parliament that it used to be being executed to "catch the big offenders and not to clog the courts".
"This bill is an effective, expeditious and constitutional way to stop these offenders from running away. Legislative changes or a new law must be in place to confiscate assets of such absconders till they don't present themselves in front of the courts. We will also work out what has to be done with the confiscated assets," Goyal had stated in Rajya Sabha.
The Enforcement Directorate would be the investigative agency beneath the Act, he had stated.
The president has also given nod to other laws-- the Negotiable Instruments (Amendment) Act, 2018, the State Banks (Repeal and Amendment) Act, 2018 and the Specific Relief (Amendment) Act, 2018.
The Negotiable Instruments (Amendment) Act is aimed toward permitting a court docket to check out offences related to cheque bounce expeditiously and direct the drawee to pay a minimum of 20 consistent with cent of the cheque amount as period in-between reimbursement.
The State Banks (Repeal and Amendment) Act is to repeal two other legal guidelines --The State Bank of India (Subsidiary Banks) Act, 1959 and the State Bank of Hyderabad Act, 1956-- and to further amend the State Bank of India Act of 1955.
The Specific Relief (Amendment) Act, 2018 grants a party the correct to hunt damages from the opposite facet in case of a breach of a trade contract and to reduce discretion of courts in such matters.
Bills in those regards had been licensed through Parliament just lately.
A fugitive economic culprit is somebody towards whom warrants for arrest is issued for his involvement in choose economic offences involving amount of no less than Rs 100 crore or extra and has left India so that you could avoid legal prosecution.
The Fugitive Economic Offenders Act, 2018 has were given the nod from the president, according to an respectable order.
The new regulation will save you giant economic offenders like Vijay Mallya and Nirav Modi from fleeing the country and evading the law.
Both Mallya and Modi, wanted in cases being probed through the Central Bureau of Investigation (CBI), are out of India.
The new law lets in designated special court docket to claim an individual as fugitive economic culprit and to confiscate his property, together with 'benami' ones.
"All the rights and title in the confiscated property shall, from the date of the confiscation order, vest in the central government, free from all encumbrances," the Act says.
The Fugitive Economic Offenders Bill, 2018 used to be handed through the Rajya Sabha on July 25. The Lok Sabha had cleared the measure on July 19.
Justifying the monetary limit of Rs 100 crore for invoking the provisions of this new law, Finance Minister Piyush Goyal had just lately stated in Parliament that it used to be being executed to "catch the big offenders and not to clog the courts".
"This bill is an effective, expeditious and constitutional way to stop these offenders from running away. Legislative changes or a new law must be in place to confiscate assets of such absconders till they don't present themselves in front of the courts. We will also work out what has to be done with the confiscated assets," Goyal had stated in Rajya Sabha.
The Enforcement Directorate would be the investigative agency beneath the Act, he had stated.
The president has also given nod to other laws-- the Negotiable Instruments (Amendment) Act, 2018, the State Banks (Repeal and Amendment) Act, 2018 and the Specific Relief (Amendment) Act, 2018.
The Negotiable Instruments (Amendment) Act is aimed toward permitting a court docket to check out offences related to cheque bounce expeditiously and direct the drawee to pay a minimum of 20 consistent with cent of the cheque amount as period in-between reimbursement.
The State Banks (Repeal and Amendment) Act is to repeal two other legal guidelines --The State Bank of India (Subsidiary Banks) Act, 1959 and the State Bank of Hyderabad Act, 1956-- and to further amend the State Bank of India Act of 1955.
The Specific Relief (Amendment) Act, 2018 grants a party the correct to hunt damages from the opposite facet in case of a breach of a trade contract and to reduce discretion of courts in such matters.
Bills in those regards had been licensed through Parliament just lately.
Prez nod to law to deter fugitive economic offenders from fleeing country
![Prez nod to law to deter fugitive economic offenders from fleeing country]()
Reviewed by Kailash
on
August 05, 2018
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