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18
May 2017
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 Total Investment & Insurance
Solutions
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. The Total Investment & Insurance
Solutions
"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. The Total Investment & Insurance
Solutions
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."The Total Investment &
Insurance Solutions
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