Govt approves Fugitive Economic Offenders Bill to crack down on financial frauds

In the wake of the letter of undertaking (LoU) scandal that has engulfed the state-controlled Punjab National Bank (PNB), the Union Cabinet approved a stringent Fugitive Economic Offenders Bill that provides for confiscating assets without conviction in cases where economic offenders flee the country. The bill will treat economic offenders as criminals. Jaitley said the courts may declare anyone fugitive if he flees the country to avoid arrest in a scheduled offence where an arrest warrant has been issued. He said the Union Cabinet has also approved the establishment of National Financial Reporting Authority (NFRA).