The Cabinet approved the Fugitive Economic Offenders Bill
that provides for confiscating all assets of absconding fraudsters and loan
defaulters. The proposed law aims to impound and sell assets of loan defaulters
with a view to quickly recover dues. The law will apply to defaulters who have
an outstanding of Rs 100 crore or more and have escaped from the country. The
bill will be taken to Parliament for approval in the second half of the Budget
session beginning on March 5, 2018.
HANS INDIA NEWSPAPER
NEW INDIAN EXPRESS NEWSPAPER
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