Yak President Approves Fugitive Economical Offenders Neb 2018 : Highlights

President Ram Nath Kovind today gave his assent to the Fugitive Economic Offenders Bill 2018, a Bill to furnish for measures to deter economic offenders from evading the procedure of Indian police yesteryear remaining exterior the jurisdiction of Indian courts, thereby preserving the sanctity of the dominion of police inward India. This ordinance volition come upwards into outcome from today. It volition hold upwards real of import for upcoming banking in addition to other competitive exams. So, let's endeavour to empathise this nib inward detail.

Who is Fugitive Economic Offender ?

• A fugitive economical offender is an private who has committed about specified offense  involving an amount of ₹ 100 crore or more in addition to has absconded (escaped) from India or refused to come upwards dorsum to Republic of Republic of India to avoid or confront criminal prosecution inward India. 
• Some of the Recent Fugitive Economic Offenders : Nirav Modi, Vijay Mallya, Lalit Modi, Mehul Choksi in addition to Jatin Mehta etc.
  

History of Fugitive Economic Offenders Bill

• After the recent fiscal frauds came to fore inward India, particularly the Rs 13,000 crore PNB scam where diamantaire Nirav Modi and Mehul Choksi fled the country, it became apparent that the existing civil in addition to criminal provisions are non exclusively adequate to bargain amongst the severity of the problem.
• The absence of offenders during investigations poses problems for the probing agencies apart from undermining the police of the country. 
• So the Fugitive Economic Offender Bill came to light.
• The Union Government approved the nib inward Apr 2018.
• The Lok Sabha has cleared the ordinance during the monsoon session of Parliament on 19th July 2018.
• Today (on fifth August 2018), President Approved the nib making it equally a law.

What is Fugitive Economic Offenders Bill ?

• This nib empowers regime to attach in addition to confiscate properties in addition to assets of economical offenders similar loan defaulters who flee the country.
• This nib aims to halt economical offenders who piece of occupation out the province to avoid due process. 
• Economic offences amongst a value of to a greater extent than than Rs 100 crores, which are listed inward the schedule of the Fugitive Economic Offenders Bill, come upwards nether the purview of this law. 
• As per the Bill, a courtroom (‘Special Court’ nether the Prevention of Money Laundering Act, 2002) has to declare a somebody equally a Fugitive Economic Offender.
• Courts or tribunals tin besides bar such offenders or their associated companies from filing or defending civil claims earlier it.

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