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Sunday, April 22

Fugitive economic offenders ordinance

TNPSC Current Affairs - April 2018 by TNPSC Guru 
  • Union Cabinet has given its nod for the proposal to promulgate the Fugitive Economic Offenders Ordinance 2018 which helps to prevent the economic offenders from evading the process of Indian law by staying outside the jurisdiction of Indian Courts.
  • The total value of 100 crore or more will come under the purview of this bill. 

Features of the Bill. 
  • The bill will force the fugitive to return to India to face the trial.
  • Confiscation of the property of offender in India, Abroad including benami property.
  • Fugitive economic offender cannot demand any civil claim.
  • Separate administrator will appoint to manage and dispose the confiscated property. 

This bill will help to improve the financial health of the banking sector because non –payment of loan will worsen the financial health of the bank.

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