The Fugitive Economic Offenders Ordinance 2018 has been promulgated by the President. The Ordinance shall come into force at once
The Fugitive Economic Offenders Ordinance, 2018 (No. 1 of 2018) provides for measures to deter fugitive economic offenders from evading the process of law in India by staying outside the jurisdiction of Indian courts, to preserve the sanctity of the rule of law in India and for matters connected therewith or incidental thereto.
The Fugitive Economic Offenders Bill, 2018 was introduced on the 12th day of March, 2018 in the House of the People. However, the Bill could not be taken up for consideration and passing in the House of the People.
Since Parliament is not in session and the President was satisfied that circumstances exist which render it necessary for him to take immediate action, therefore in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President has promulgated the Fugitive Economic Offenders Ordinance 2018.
“Fugitive Economic Offender” means any individual against whom a warrant for arrest in relation to a Scheduled Offence has been issued by any Court in India, who—
(i) has left India so as to avoid criminal prosecution; or
(ii) being abroad, refuses to return to India to face criminal prosecution;
The Ordinance is cohesive with the Prevention of Money-laundering Act, 2002 shall have the meanings respectively assigned to them in that Act.
The Ordinance provides for procedures for declaration of an individual as a fugitive economic offender, powers for search and seizure/survey, management of confiscated properties and appellate procedures.
The said Schedule of Offence is as under:
|Description of offence
I. Offences under the Indian Penal Code
Punishment of criminal conspiracy
Counterfeiting Government stamp.
Making or selling instrument for counterfeiting Government stamp.
Sale of counterfeit Government stamp.
Having possession of counterfeit Government stamp.
Using as genuine a Government stamp known to be counterfeit.
Punishment for cheating.
Cheating with knowledge that wrongful loss may ensue to person whose interest offender is bound to protect
Cheating and dishonestly inducing delivery of property
Dishonest or fraudulent removal or concealment of property to prevent distribution among creditors.
Dishonestly or fraudulently preventing debt being available for creditors.
Dishonest or fraudulent execution of deed of transfer containing false statement of consideration
Dishonest or fraudulent removal or concealment of property
Forgery of valuable security, will, etc.
Using as genuine a forged [document or electronic record].
Making or possessing counterfeit seal, etc., with intent to commit forgery punishable under section
Making or possessing counterfeit seal, etc., intent to commit forgery punishable otherwise
Counterfeiting device or mark used for authenticating documents described in section 467 or possessing counterfeit marked material.
Counterfeiting device or mark used for authenticating documents other than those described in section 467, or possessing counterfeit marked material.
Using a false property mark.
Punishment for using a false property mark.
Counterfeiting a property mark used by another.
Counterfeiting a mark used by a public servant.
Making or possession of any instrument for counterfeiting a property mark.
Selling goods marked with a counterfeit property mark.
Making a false mark upon any receptacle containing goods.
Punishment for making use of any such false mark.
Counterfeiting currency notes or bank notes.
Using as genuine, forged or counterfeit currency notes or bank notes
II. Offence under the Negotiable Instruments Act, 1881 (26 of 1881)
Dishonour of cheque for insufficiency, etc., of funds in the account.
III. Offence under the Reserve Bank of India Act, 1934 (2 of 1934)
Penalties u/s 58B
IV. Offences under the Central Excise Act, 1944 (1 of 1944)
Offences and Penalties u/s 9
V. Offences under the Customs Act, 1962 (52 of 1962)
Evasion of duty or prohibitions.
VI. Offences under the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988)
Prohibition of benami transactions.
VII. Offences under the Prevention of Corruption Act, 1988 (49 of 1988)
Public servant taking gratification other than legal remuneration in respect of an official act.
Taking gratification in order, by corrupt or illegal means, to influence public servant.
Taking gratification for exercise of personal influence with public servant.
Punishment for abetment by public servant of offences defined in section 8 or section 9 of the Prevention of Corruption Act, 1988.
Criminal misconduct by a public servant
VIII. Offences under the Securities and Exchange Board of India Act, 1992 (15 of 1992)
Prohibition of manipulative and deceptive devices, insider trading and section
substantial acquisition of securities or control. 24 Offences for contravention of the provisions of the Act
IX. Offences under the Prevention of Money Laundering Act, 2002 (15 of 2003)
Offence of money-laundering.
Punishment for money-laundering
X. Offences under the Limited Liability Partnership Act, 2008 (6 of 2009)
Sub-section (2) Carrying on business with intent or purpose to defraud creditors of the of section 30 Limited Liability Partnership or any other person or for any other fraudulent purpose
XI. Offences under the Foreign Contribution (Regulation) Act, 2010 (42 of 2010)
Penalty for article or currency or security obtained in contravention of Section 10.
Punishment for contravention of any provision of the Act.
XII. Offences under the Companies Act, 2013 (18 of 2013)
Offer or invitation for subscription of securities on private placement.
Repayment of deposits, etc., accepted before commencement of the Companies Act, 2013.
Punishment for contravention of section 73 or section 76 of the Companies Act, 2013
Carrying on business of a company for a fraudulent or unlawful purpose.
Conducting the business of a company with intent to defraud its creditors, members or any other persons or otherwise for a fraudulent or unlawful purpose, or in a manner oppressive to any of its members or that the company was formed for any fraudulent or unlawful purpose.
Punishment for fraud.
Punishment for wrongful withholding of property
XIII. Offences under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015)
Punishment for wilful attempt to evade tax
XIV. Offences under the Insolvency and Bankruptcy Code, 2016 (31 of 2016)
Punishment for transactions defrauding creditors.
XV. Offences under the Central Goods and Services Tax Act, 2017 (12 of 2017)
Punishment for certain offences u/s 132(5)
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