In a bid to deal with economic offenders like liquor baron Vijay Mallya, who flee the country to escape the legal process, the government on Thursday said it has prepared a draft legislation to enable confiscation of their assets.
The draft law — Fugitive Economic Offenders Bill, 2017 — has been prepared and put in public domain at the Department of Economic Affairs, Ministry of Finance, website for comments and suggestions of all stakeholders.
“It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously undermines the rule of law in India,” the Finance Ministry said here in a statement
“It is, therefore, felt necessary to provide an effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed,” the statement said.
“The government is considering to introduce legislative changes or even a new law to confiscate the assets of such absconders till they submit to the jurisdiction of the appropriate legal forum,” the statement added.
All stakeholders need to submit their suggestions by June 3.
The legislative action is part of the Union Budget announcement.
Finance Minister Arun Jaitley had in the Budget 2017-18 said: “In the recent past, there have been instances of big time offenders, including economic offenders, fleeing the country to escape the reach of law. We have to ensure that the law is allowed to take its own course.
“Government is, therefore, considering introduction of legislative changes, or even a new law, to confiscate the assets of such persons located within the country, till they submit to the jurisdiction of the appropriate legal forum. Needless to say that all necessary constitutional safeguards will be followed in such cases.”
Now You Can Get the Latest Buzz On Your Phone! Download the PagalParrot Mobile App For Android
Buzz On PagalParrot
Indian Man Worships Donald Trump For 4 Years, Desires To Meet His God
Indian man worships Donald trump: Telangana’s real estate broker Bussa Krishna is a big fan of US President Donald Trump. He...
Storm Dennis Causes A Ghost-Ship To Appear Near Irish Shores
Russia Today channel showed a video clip that contains screenshots of Dennis storm and its damages. Where storm Dennis washed away...
First Look: Deepika Padukone In New Avtar Of Kapil Dev’s Wife Romi Dev For Film 83
The look of most of the actors in Ranveer Singh’s upcoming film ’83’ has been revealed. Ranveer looked like a real...
Vidya Balan Shares Her Glamorous Hot Picture For Dabboo Ratnani Calander 2020
Dabboo Ratnani’s 2020 calendar has been released and the Bollywood actress looks very glamorous in it. After Bhumi Pednekar, Vidya Balan...
Bhumi Pednekar Takes All Responsibility In Akshay Kumar’s Film ‘Durgavati’ On Her Shoulders
Bollywood actress Bhumi Pednekar has played many strong roles on screen. Bhumi has done amazing work in films like Shubh Mangal...
- Bollywood6 days ago
VIRAL ALERT!!! Neha Kakkar Marries With Aditya Narayan, Watch Video
- Bollywood1 week ago
Exclusive!!! Central Board Of Films Chops Off Intimate Scenes from “Love Aaj Kal”
- Entertainment2 weeks ago
Kartik Aryan Protects Sara Ali Khan From Mob Of Fans, Video Goes Viral
- Bollywood1 week ago
Hacked Full Movie Leaks Online To Download In HD