The Lok Sabha, today, passed the Fugitive Economic Offenders Bill which allows confiscation of assets without conviction of fugitives. This bill was targeted at the recent scams where the accused fled the country like Vijay Mallya and Nirav Modi.
The first day of the Monsoon Parliament session was unproductive but the House passed the bill by a voice vote today. Yesterday, the opposition protested in the lower House. The TDP gave a No Confidence motion yet again. The Speaker agreed to the motion and set Friday as the day to vote. This led to a peaceful second day in the Parliament.
The Opposition also questioned the Government’s sincerity in taking action against the fugitives. But once the Bill was passed Finance Minister Piyush Goyal stressed the ordinance was introduced by the Government in Parliament. Further stating that this showed aggressiveness in acting against black money and the offenders. Piyush further asked the UPA Government why they never brought a legislation such as this.
The Bill aims at deterring economic offenders from fleeing India and not returning to face trial. This Bill will be effective and the Government will have a quicker recovery of the dues.
The Bill will describe the benchmark for a fugitive economic offender. The law would be applicable to the offenders involved in cases with more than Rs. 100 crores. This act will constitute a National Financial Reporting Authority (NAFRA.) This authority will decide which cases are applicable under the act.
The overseas assets of the fugitive will also be liable for confiscation depending on the country’s cooperation. This Bill will also prevent a convicted Fugitive Economic Offender from making an civil claim in the Country.
