• Lok Sabha passed the Fugitive Economic Offenders Bill, which will now replace the ordinance by the same name promulgated by the President in April.

• The legislation gains importance against the backdrop of high­-profile cases where individuals such as Vijay Mallya and Nirav Modi escaped the country.
• A fugitive economic offender is one who has left the country to avoid facing prosecution, or refuses to return to face prosecution.
• The absence of such offenders from Indian courts hampers investigation in criminal cases.
• It also wastes precious time of courts of law.
• Also it has been very difficult to bring them back for trial due to issues of extradition and others. 

• Making an application before the special court for a declaration that an individual is a fugitive economic offender.

• Attachment of the property of a fugitive economic offender and proceeds of crime.

• Issue of a notice by the special court to the individual alleged to be a fugitive economic offender.
• Confiscation of the property of an individual declared as a fugitive economic offender or even the proceeds of crime.
• Disentitlement of the fugitive economic offender from defending any civil claim.

• Appointment of an administrator to manage and dispose of the confiscated property under the act.

• Some of the offences listed in the schedule of the bill are-counterfeiting government stamps or currency, cheque dishonour for insufficiency of funds, money laundering, transactions defrauding creditors etc. „

• The Bill allows the central government to amend the schedule through a notification.

The Hindu, PIB