Parliament passes Fugitive Economic Offenders Bill 2018

Parliament passes the Fugitive Economic Offenders Bill 2018; Properties of Economic offenders who flee the country will be siezed; Special fast track courts to settle cases exceeding 100 crore in quick time.

Parliament has passed the Fugitive Economic offenders Bill, 2018. The Rajya Sabha approved the Bill today. It had already been passed by the Lok Sabha.

Government can now attach properties of fugitives who flee the country after committing tax and loan related offences.

Finance Minister PiyushGoyal said, the Bill will deter fugitive economic offenders from evading the process of law. The Bill enables action against such offenders committing offences worth one hundred crore rupees and above.

Parliament has given its nod to Fugitive Economic Offenders Bill.

Responding to the discussion on the Bill in Rajya Sabha on Wednesday, Union Finance Minister PiyushGoyal said that the legislation would enable the return of economic fugitives to India to face the law.

The Finance Minister said that special courts will be set up for trials which will deal with cases that involve more than 100 crore rupees each in a fast-track manner.

The bill was supported by the Congress, SP and Trinamool Congress, among other political parties but they also voiced some concerns.

The legislation has been one of the top priorities of the govt and was passed by Lok Sabha earlier.

Meanwhile, Lok Sabha discussed the flood and drought situation in different parts of the country.

The Centre said that in such situations an assessment of the losses incurred by the affected states is made and accordingly financial assistance is provided to the states without any discrimination.

ln essence, both Houses of Parliament saw a productive day.