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Economic offences bill for speedy action on fugitives: Goyal

Economic offences bill for speedy action on fugitives: Goyal

TIL Desk/Business/New Delhi/ The Fugitive Economic Offenders Bill, 2018, tabled in Parliament, has been brought to replace the Ordinance promulgated earlier this year to fast-track criminal action against major economic offenders and seize their property, acting Finance Minister Piyush Goyal said on Thursday.

The Bill allows for a person to be declared as a fugitive economic offender (FEO) if an arrest warrant is issued against him for any specified offences involving over Rs 100 crore and he has left the country and refuses to return to face prosecution.

“The Ordinance was brought in earlier so that the process of legal action against fugitive offenders is not stalled and the message goes out that the government is serious about attacking black money, as well as to seize the properties of fugitive offenders,” Goyal said replying to the debate on the Bill in the Lok Sabha.

Revolutionary Socialist Party (RSP) member N.K. Premchandran had on Wednesday moved a statutory resolution that the House disapproves the Fugitive Economic Offenders Ordinance promulgated in April this year.

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