KalingaTV News Network
New Delhi: In a major development, the Union Cabinet chaired by Prime Minister Narendra Modi on Thursday approved Fugitive Economic Offenders Bill – 2018 to deal with those escaping overseas to avoid getting caught.
The Bill will help in laying down measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian Courts.
Addressing a press meet here, Union Finance Minister Arun Jaitley said, “The legislation will allow the government to confiscate all the assets in India, including Benami properties, after the economic offenders are declared fugitives.”
“The economic offences worth 100 crore rupees or more will come under the purview of the Bill,” he added.
The move will help the banks and other financial institutions to achieve higher recovery from financial defaults committed by such fugitive economic offenders, improving the financial health of such institutions.
The Minister also said the government will bring this Bill in Parliament during the second part of Budget session beginning on Monday.