In order to to avert the economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts, the Union Cabinet of India has given its approval to introduce the Fugitive Economic Offenders Bill, 2018 in Parliament.
Reasons
Recently, the PNB fraud has shattered the faith of people from Indian financial and well as judiciary system. Economic offenders remain away from the clutches of law. Therefore to nip this budding issue, the cabinet approved to introduce the bill. In most of the cases, these economic offenders avoid the proceedings in the court which results in clogs the investigation, wastes court's time and mock the rules of Indian laws. Offenders usually do not repay the loans worsening the financial status of the nations. It is felt that the present laws are not efficient to control the economic offenders and a strong law is desired.
Background
The bill adopts the principle of United Nations Convention against Corruption which allows the confiscation of the non-conviction-based asset for corruption related issues or cases. In the budget 0f 2017-18, the government hinted to introduce legislative changes or even a new law to confiscate the assets of such absconders till they submit to the jurisdiction of the appropriate legal forum.
Features
- The cases where the total value involved in such offences is Rs.100 crore or more, will come under the purview of this 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
- An Administrator will be appointed to manage and dispose of the confiscated property under the Act.
- Provision has been made for appointment of an Administrator to manage and dispose of the property in compliance with the provisions of law.
- Provisions for a 'Special Court' under the Prevention of Money-laundering Act, 2002 to declare a person as a Fugitive Economic Offender.
Who is a fugitive economic offender?
pect of a scheduled offence and who has left India so as to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution. A scheduled offence refers to a list of economic offences contained in the Schedule to this Bill.
Expected Question
Under which of the following acts does the "Fugitive Economic Offenders Bill 2018" propose to set up special courts?
a. Indian Contract Act 1872
b. Prevention of Money-laundering Act, 2002
c. Unlawful Activities (Prevention) Act
d. Prevention of Blackmarketing
