Updated By: LatestGKGS Desk
Fugitive Economic Offenders Bill 2018 features, Purpose, Benefits details
Union Cabinet Approved Fugitive Economic Offenders Bill 2018 - Details, Purpose, Benefits
The Union Cabinet chaired by Prime Minister Shri Narendra Modi, on 1st March 2018, has approved the proposal of the Ministry of Finance to introduce the Fugitive Economic Offenders Bill, 2018 in Parliament.
The Fugitive Economic Offenders Bill-2018 would help in formulating measures to dissuade economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts.
Under the purview of Fugitive Economic Offenders Bill will include cases where the total value involved in such offenses is Rs.100 crore or more.
The Fugitive Economic Offenders Bill is believed to re-structure the rule of law with respect to the fugitive economic offenders as they would be forced to return to India to face trial for scheduled offenses.
The Fugitive Economic Offenders Bill would also help the banks and other financial institutions to achieve higher recovery from financial defaults committed by such fugitive economic offenders, eventually improving the financial health of such institutions.
The Bill’s proposal is in wake of recent bank financial fraud scams made by defaulters Nirav Modi, Vijay Mallya and Lalit Modi who flee from India.
