Fugitive Economic Offenders Bill, 2018 lays down the measures to empower Indian authorities to attach and confiscate a)
FUGITIVE ECONOMIC OFFENDERS BILL, 2018 SBI PO 2018 BANKING AWARENESS SERIES
• Fugitive Economic Offenders Bill, 2018 lays down the measures to empower Indian authorities to attach and confiscate a) The proceeds of crime associated with economic offenders. b) The properties of the economic offenders. •
President of India has given his assent to the bill. So the bill is promulgated (came into force).
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This bill is expected to deter economic offenders from evading the process of Indian law.
• The need for this bill has arisen as there have been recent and past instances of economic offenders fleeing the jurisdiction of Indian courts to outside India. • The Fugitive Economic Offenders Bill, 2018 was introduced in LokSabha on the 12th March, 2018. Then Loksabha went adjourned sine-die. So, Both the Houses of Parliament were prorogued on 6thApril, 2018 and the bill was passed. • The cases where the total value involved in such offences is Rs.100 crore or more, will come under the purview of this Bill. • This bill has provision for appointment of an Administrator to manage and dispose of the confiscated property under the Act.
• The new law would cover all the States and Districts in India. • It is expected that a special court to be created for expeditious confiscation of the proceeds of crime, in India or abroad. • A fugitive economic offender : A person against whom an arrest warrant has been issued for committing any offence (listed in the schedule). Further the person has: (i) left the country to avoid facing prosecution, or (ii) refuses to return to face prosecution.
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