President Ram Nath Kovind on Saturday night gave his nod to the Fugitive Economic Offenders Ordinance 2018 that provides for confiscating properties and assets of economic offenders like loan defaulters who flee the country. The Union Cabinet had earlier on Saturday approved a proposal to promulgate the ordinance.
The Fugitive Economic Offenders Bill was introduced in Lok Sabha on March 12 but could not be passed due to the logjam in Parliament. It seeks to confiscate properties of economic offenders, like Vijay Mallya and Nirav Modi, who have left the country to avoid facing criminal prosecution. The ordinance will have to be approved by Parliament within six weeks of its reassembly, or else it will cease to exist. The provisions of the ordinance will apply to
economic offenders who have left the country to avoid facing prosecution, or refuse to return to face prosecution.