Lok Sabha Passes Fugitive Economic Offenders Bill  

The Lok Sabha has passed the Fugitive Economic Offenders Bill, 2018, Livemint has reported. The bill targets economic offenders who are involved in cases that are worth Rs 100 crores or more. The bill includes loan defaulters, tax fraudsters, owners of benamiproperties, financial sector frauds and corruption. The finance minister Piyush Goyal defended the 100 crore limit stating that it was aimed at dealing with large offenders on a priority basis.

A person can be declared a economic offender by a special court after the authorities file a case against him/her. An arrest warrant should be issued to the absconding individual at the time of filing the case. The property of the economic offender who flees India and refuses to return will be confiscated if they don't appear before the special court within six weeks. If the economic offender returns, the process for confiscation of properties under the proposed law will be dropped. Property which is liable to be confiscated is not restricted to the wealth that is acquired from proceeds of crime.

The president had approved the Fugitive Economic Offenders Ordinance 2018 on 27 March 2018. Proceedings against liquor baron Vijay Mallya under the ordinance have been initiated in high profile cases involving Nirav Modi, Mehul Choksi and Vijay Mallya.

Any ordinance passed by the President must be approved by parliament within six weeks after reconvening in order to become a permanent law. The Rajya Sabha is yet to approve the bill.