The Union Cabinet today approved the Fugitive Economic Offenders Bill to deal with those who escape overseas after committing financial malpractices.
The bill seeks to deter economic offenders from evading the process of Indian law by giving powers to the government to confiscate property of absconding corporate defaulters.
The Union Law ministry had approved the bill in September last year and it was tabled in the winter session of Parliament. The bill flows from finance minister Arun Jaitley’s 2017-18 Budget speech promising legislative changes or even a new law to confiscate the assets of fugitives.
It will be applicable in cases where the value of offences is over Rs 100 crore.
