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.
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. The relevant extract
from the Budget Speech is re-produced below.
“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.”
Pursuant
to the above Budget Announcement, a draft law, known as ‘The Fugitive Economic
Offenders Bill, 2017’ has been prepared. A 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 Shri
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.
Click here to See the Fugitive Economic Offenders Bill, 2017:
Click here to see the Fugitive Economic Offenders Bill, 2017:
Explanatory Note:
*****
DSM/VKS/KA