FUGITIVE ECONOMIC OFFENDERS ORDINANCE, 2018 – ANALYSIS
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Abstract
Another bold step have been taken by the government on path of treatment of an unhealthy economic condition of the country i.e., Fugitive Economic Offenders Bill, 2018, after Insolvency and Bankruptcy Code, 2016. This Bill is only for all those economic offenders who flee from the country to avoid criminal prosecution of the court of law and also refuse to return back. This Bill gave power to the Government to confiscate the property of economic offenders in India as well as their foreign property and Benami property. This Bill would be proved one of the stringent laws for those economic offenders who try to undermine the laws of the land. The cases where the total value of offence crossed 100 crore or more will come under the purview of the bill. The no. of corporate fraud is increasing day by day, after Vijay Mallya case another big fraud i.e., PNB fraud has opened in front of the Country. The urgency of this ordinance would have seen by the past scams and all those fugitive economic offenders. This research article will analyze the need of the Bill and cover all the impacts of the bill on the economy of the country. The researcher also gives her focus on the main provisions and the procedural part of the drafted bill. The research article would help to understand the importance and would also throw light on that part which weakened the significance of the bill. This research paper will give conceptual clarity with clarity of provisions.
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