The President signed the Ordinance on April 22
Moneycontrol News
The Union Cabinet Saturday approved promulgation of the Fugitive Economic Offenders Ordinance to crack down on corporate defaulters who refuse to return to India to avoid investigation by Indian authorities.
It intends to lay down measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts.
The President signed the Ordinance on April 22. The proposed law comes in the backdrop of the alleged Rs 13,000-crore PNB scam by diamond merchant Nirav Modi and his uncle Mehul Choksi.
The Fugitive Economic Offenders Bill was approved by the Union Cabinet on March 1, 2018.
Moneycontrol had first reported that the government will introduce such a bill.
To know more on the contours of the new Ordinance and how will it help get offenders back to India, watch the accompanying video…