{"id":132341,"date":"2017-05-20T11:35:59","date_gmt":"2017-05-20T06:05:59","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=132341"},"modified":"2017-05-20T12:52:29","modified_gmt":"2017-05-20T07:22:29","slug":"comments-invited-on-the-draft-fugitive-economic-offenders-bill-2017","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/05\/20\/comments-invited-on-the-draft-fugitive-economic-offenders-bill-2017\/","title":{"rendered":"Comments invited on the Draft \u2018Fugitive Economic Offenders Bill, 2017\u2019"},"content":{"rendered":"<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\"><em>\u201cIn 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.\u201d<\/em><\/p>\n<p style=\"text-align: justify;\">Pursuant to the above Budget Announcement, a draft law, known as \u2018The Fugitive Economic Offenders Bill, 2017\u2019 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 <a href=\"http:\/\/www.http\/dea.gov.in\/recent-update\"><em>http:\/\/dea.gov.in\/recent-update<\/em><\/a><\/p>\n<p style=\"text-align: justify;\">All stakeholders concerned \/ public are requested to forward comments \/ suggestions that they may wish to submit on the Draft Bill by 3<sup>rd<\/sup> June 2017\u00a0 by e-mail to <em>parveen.k63@gov.in<\/em> 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.<\/p>\n<p style=\"text-align: justify;\"><strong><a href=\"http:\/\/pibphoto.nic.in\/documents\/rlink\/2017\/may\/p201751803.pdf\">Click here to See the Fugitive Economic Offenders Bill, 2017:<\/a><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><u><a href=\"http:\/\/pibphoto.nic.in\/documents\/rlink\/2017\/may\/p201751804.pdf\">Click here to see the Fugitive Economic Offenders Bill, 2017: Explanatory Note:<\/a><\/u><\/strong><\/p>\n<p style=\"text-align: right;\">Ministry of Finance<\/p>\n<p style=\"text-align: justify;\"><strong><u>\u00a0<\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously undermines the <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-132341","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-statutes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Comments invited on the Draft \u2018Fugitive Economic Offenders Bill, 2017\u2019 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2017\/05\/20\/comments-invited-on-the-draft-fugitive-economic-offenders-bill-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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approves the Fugitive Economic Offenders Bill, 2018","author":"Saba","date":"March 3, 2018","format":false,"excerpt":"The Union Cabinet has approved the proposal of the Ministry of Finance to introduce the\u00a0Fugitive Economic Offenders Bill, 2018\u00a0 in Parliament.\u00a0 The Bill would help in\u00a0 laying down measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts.\u00a0The cases where\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":195498,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/23\/president-approves-promulgation-of-the-fugitive-economic-offenders-ordinance-2018\/","url_meta":{"origin":132341,"position":1},"title":"President approves promulgation of the Fugitive Economic Offenders Ordinance, 2018","author":"Saba","date":"April 23, 2018","format":false,"excerpt":"Fugitive Economic Offenders Ordinance, 2018 has come into force as the President of India has given his assent to the Union Cabinet\u2019s decision to promulgate the said Ordinance. Earlier, the Union Cabinet, in its meeting held on 21st April, 2018, had decided to approve the proposal of the Ministry of\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/rashtrapatibhawan.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/rashtrapatibhawan.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/rashtrapatibhawan.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/rashtrapatibhawan.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/rashtrapatibhawan.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":279391,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/12\/10\/the-fugitive-economic-offenders-act-2018-a-bad-law\/","url_meta":{"origin":132341,"position":2},"title":"The Fugitive Economic Offenders Act, 2018: A Bad Law","author":"Bhumika Indulia","date":"December 10, 2022","format":false,"excerpt":"by Rohan Garg\u2020","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"Fugitive Economic","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image84.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":207664,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/01\/05\/fugitive-economic-offenders-act-2018-vijay-mallya-to-be-named-the-first-offender-under-the-act\/","url_meta":{"origin":132341,"position":3},"title":"PMLA Court | Vijay Mallya declared first offender under Fugitive Economic Offenders Act","author":"Bhumika Indulia","date":"January 5, 2019","format":false,"excerpt":"BREAKING|\u00a0 Special PMLA Court declared Vijay Mallya a fugitive economic offender, which means his properties can now be confiscated by the government. The decision comes against an application by the Enforcement Directorate before the special Prevention of Money Laundering Act (PMLA) court to classify Mallya as a fugitive economic offender.\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/01\/Vijay-Mallya.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/01\/Vijay-Mallya.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/01\/Vijay-Mallya.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/01\/Vijay-Mallya.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/01\/Vijay-Mallya.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":196502,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/05\/29\/govt-prescribes-procedure-for-service-of-notice-of-special-court-on-fugitive-economic-offenders\/","url_meta":{"origin":132341,"position":4},"title":"Govt. prescribes procedure for service of notice of Special Court on fugitive economic offenders","author":"Saba","date":"May 29, 2018","format":false,"excerpt":"G.S.R. 501(E).\u2014 In exercise of the powers conferred by sub-section (1) read with clause (e) of sub-section (2) of Section 23 and sub-section (6) of Section 12 of the Fugitive Economic Offenders Ordinance, 2018 (1 of 2018), the Central Government hereby makes the following rules, namely: 1. Short title and\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":199051,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/07\/25\/breaking-rajya-sabha-passed-the-fugitive-economic-offenders-bill-2018\/","url_meta":{"origin":132341,"position":5},"title":"Breaking| Rajya Sabha passes the Fugitive Economic Offender&#8217;s Bill 2018","author":"Bhumika Indulia","date":"July 25, 2018","format":false,"excerpt":"As reported by media, Rajyasabha has passed the Fugitive Economic offender\u2019s Bill, 2018, which was introduced by the Finance Minister Piyush Goyal. About:\u00a0The Bill aimed at strengthening the laws dealing with loan defaulters who flee the country. It will replace the Fugitive Economic Offenders Ordinance which was promulgated by the\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/132341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=132341"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/132341\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=132341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=132341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=132341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}