Finance Minister Arun Jaitley while addressing media after the Cabinet meeting said: "Under the Bill all the assets (in the country) of the offender will be confiscated and not only the proceeds of crime".
Facing flak for India's biggest-ever bank fraud of 1.8 billion USA dollars, Prime Minister Narendra Modi's Cabinet Thursday approved the Fugitive Economic Offenders Bill aimed at tightening the noose around scamsters.
"A trial of fugitive will never be complete", he said, reasoning why confiscation of assets has been provided for. The new law will apply "the moment the warrant is issued (and) the court decides the man is not submitting".
The Fugitive Economic Offender's Bill would need to be approved by the Indian Parliament before coming into effect.
The provisions of the bill will apply for economic offenders like Nirav Modi, Vijay Mallya against whom arrest warrant has been issued and are refusing to return to India after defaulting with their loans above Rs 100 crore. "There will also be a provision to confiscate those assets outside India but co-operation of that country will be needed", finance minister Arun Jaitley said at a press briefing today. Such economic offenders will be tried under the Prevention of Money Laundering Act, official sources said.
The bill will now go to Parliament for its approval and then to President Ram Nath Kovind who will sign it into law as mandated under the Indian Constitution. But if he sends a lawyer while choosing to stay away from India, a hearing would start to have him declared a "fugitive economic offender".
The government faced the Opposition's heat after a Rs 11,400-crore fraud at the Punjab National Bank (PNB), allegedly masterminded by fugitive diamantaire Nirav Modi, rocked the country. The move will allow quicker recovery of dues through a special court from absconding corporate defaulters. He is said to have fled the country and was reportedly last seen in NY after his appearance at the World Economic Forum in Davos as a part of an Indian delegation. This authority will have it specified on which cases it can act under the rules.
He added: "We had announced in last year's budget that we would bring in a law to confiscate the properties of economic offence fugitives".
The Cabinet was chaired by Prime Minister Narendra Modi, which approved the loan. In another decision, the Cabinet also stripped the powers of the Institute of Chartered Accountants of India to initiate disciplinary action against CAs and audit firms dealing with listed companies, specific companies and large unlisted firms.
The Central government can also refer such other entities for investigation where the public interest would be involved.
Lava Z50 with Android Oreo (Go Edition) to launch in March
We now don't know which countries the 1X will be available in, but we'll update this article when we know more. Next in line is the Alcatel 3 series, which can be broken down into three phones; the Alcatel 3, 3X, and 3V.