Fugitive Economic Offenders Bill, 2017: Govt to draft law to check fugitive economic offenders

Note4studnets
From UPSC perspective, following things are important:

Prelims level: Applicability of proposed law, definition of fugitive economic offender

Mains level: New bill proposed. Follow its course in op-eds and follow up newscards


News

  1. The draft Fugitive Economic Offenders Bill, 2017: It will empower the government to confiscate any property in India owned by economic offenders and defaulters who flee India
  2. Also, at the discretion of any court, such person or any company where he is a promoter or key managerial personnel or majority shareholder, may be disentitled from bringing forward or defending any civil claim
  3. The proposed law will be applicable in cases where value of offences is over Rs 100 crore
  4. Provisions of the Bill: The Bill makes provisions for a court of law — Special Court under Prevention of Money Laundering Act — to declare a person a fugitive economic offender
  5. Who is a fugitive economic offender?: He/she is a person who has an arrest warrant issued in respect of a scheduled offence and who leaves or has left India so as to avoid criminal prosecution, or refuses to return to India to face criminal prosecution
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