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Current Affairs 02-03-2018

Fugitive Economic Offenders Bill, 2018

  • The Union Cabinet has approved the proposal of the Ministry of Finance to introduce the Fugitive Economic Offenders Bill, 2018 in Parliament.
  • The Bill would help in laying down measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts.
  • The cases where the total value involved in such offences is Rs.100 crore or more, will come under the purview of this Bill.

Salient features of the Bill:

  • Application before the Special Court for a declaration that an individual is a fugitive economic offender;
  • Attachment of the property of a fugitive economic offender;
  • Issue of a notice by the Special Court to the individual alleged to be a fugitive economic offender;
  • Confiscation of the property of an individual declared as a fugitive economic offender resulting from the proceeds of crime;
  • Confiscation of other property belonging to such offender in India and abroad, including benami property;
  • Disentitlement of the fugitive economic offender from defending any civil claim; and
  • An Administrator will be appointed to manage and dispose of the confiscated property under the Act.
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