It's never too late for doing something good, and finally after the PNB scam and the series of the scam are coming out in the open air the Govt. has finally introduced THE FUGITIVE ECONOMIC OFFENDERS BILL, 2018.
Here are the top ten things that you should know about the bill:
1. This bill was first introduced in 2017.
2. This bill has 25 Sections, three chapters, and one schedule.
3. This Bill extends to the whole of India.
4. Fugitive economic offender means any individual against whom a warrant for arrest in relation to a Scheduled Offence has been issued by any Court in India, who:
- Has left India so as to avoid criminal prosecution; or
- Being abroad, refuses to return to India to face criminal prosecution
5. This Bill Override all the law's in India.
6. Offence over and above one hundred crore rupees or more shall be dealt under this bill.
7. Special courts designated under Prevention of Money-laundering Act, 2002 shall have jurisdiction to deal with the offences under the bill.
8. The burden of proof that an individual is a fugitive economic offender shall be on the designated person (i.e. director) or the person authorized by the Director.
9. This Bill covers the specified offences under:
- Indian Penal Code, 1860
- Negotiable Instruments Act, 1881
- Reserve Bank of India Act, 1934
- Central Excise Act, 1944
- Customs Act, 1962
- Prohibition of Benami Property Transactions Act, 1988
- Prevention of Corruption Act, 1988
- Securities and Exchange Board of India Act, 1992
- Prevention of Money Laundering Act, 2002
- Limited Liability Partnership Act, 2008
- Foreign Contribution (Regulation) Act, 2010
- Companies Act, 2013
- Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
- Insolvency and Bankruptcy Code, 2016
- Central Goods and Services Tax Act, 2017
10. The Bill does not involve any expenditure of recurring or non-recurring nature from the Consolidated Fund of India.