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:
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I. Offences under the Indian Penal Code |
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II. Offence under the Negotiable Instruments Act, 1881 (26 of 1881) |
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III. Offence under the Reserve Bank of India Act, 1934 (2 of 1934) |
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IV. Offences under the Central Excise Act, 1944 (1 of 1944) |
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V. Offences under the Customs Act, 1962 (52 of 1962) |
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VI. Offences under the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) |
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VII. Offences under the Prevention of Corruption Act, 1988 (49 of 1988) |
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VIII. Offences under the Securities and Exchange Board of India Act, 1992 (15 of 1992) |
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IX. Offences under the Prevention of Money Laundering Act, 2002 (15 of 2003) |
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X. Offences under the Limited Liability Partnership Act, 2008 (6 of 2009) |
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XI. Offences under the Foreign Contribution (Regulation) Act, 2010 (42 of 2010) |
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XII. Offences under the Companies Act, 2013 (18 of 2013) |
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XIII. Offences under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015) |
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XIV. Offences under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) |
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XV. Offences under the Central Goods and Services Tax Act, 2017 (12 of 2017) |
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