Added on : 2018-03-12 17:59:35
The government on Monday introduced the Fugitive Economic Offenders Bill 2018 in the Lok Sabha seeking to tighten the noose around individuals who are wanted by local courts for offences under various Acts, including the Reserve Bank of India Act, Securities Exchange Board of India Act, insolvency and bankruptcy Act, central goods and services tax Act, prevention of money laundering Act, companies Act and foreign black money Act. Earlier this month, the cabinet had cleared the bill that seeks to give the government powers to attach assets of offenders who are outside the country and do not return to India to face prosecution proceedings. The bill will be applicable for all offences where the monetary value exceeds Rs100 crore. It will bring under its ambit all individuals eluding the Indian legal process on the date of the enactment of the law, thereby ensuring that existing fugitives like liquor baron Vijay Mallya, and jewellers Nirav Modi and Mehul Choksi are covered.