Govt seeks comments on the Draft ‘Fugitive Economic Offenders Bill, 2017’

New Delhi, May 18 (KNN) Government has invited comments / suggestions of all stakeholders concerned / public at large on the Draft ‘Fugitive Economic Offenders Bill, 2017’.

“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. It is, therefore, felt necessary to provide an effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed,” Finance Ministry said in a release.

In view of the above context, a Budget Announcement was made by the Government in the Budget 2017-18 that 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.

In this regard draft law, known as ‘The Fugitive Economic Offenders Bill, 2017’ has been prepared and  copy of the Draft Bill along with an Explanatory Note explaining the key legal provisions of the Bill are also hosted on the home page of the Department of Economic Affairs, Ministry of Finance at http://dea.gov.in/recent-update

“All stakeholders concerned / public are requested to forward comments / suggestions that they may wish to submit on the Draft Bill by 3rd June 2017  by e-mail to parveen.k63@gov.in or in hard copy to Parveen Kumar, Under Secretary (FSLRC), Department of Economic Affairs, Ministry of Finance, Room No. 48, North Block, New Delhi-110001. The decision of the Government with respect to the Draft Bill will be taken after receipt of public / stakeholders comments and after following due procedure thereafter,” Finance Ministry release added.