The new legislation will prevent big economic offenders like Vijay Mallya and Nirav Modi from fleeing the country and evading the law.
Non-bailable warrants were issued against the two, while an Interpol 'red corner' arrest warrant was issued against them on the request of the ED.
The opposition, however, attacked the government for lacking will to stop such defaulters despite having several laws.
Soon after Central Bureau of Investigation (CBI) filed charge sheet in May pointed involvement of top officials of banks, PNB's board decided to divest two executive directors of all powers.
ED seeks 'fugitive offender' tag for Vijay Mallya in first case under new legislation, seeks to confiscate assets worth Rs 12,500 crore
The ordinance makes provisions for special courts under the Prevention of Money Laundering Act, 2002 to declare a person as a fugitive economic offender and order immediate confiscation of assets.
Rajnath Singh on Friday announced that the Centre will be presenting a fugitive economic offenders bill before the Parliament, to prevent economic offenders from fleeing abroad.
Economic offenders in Prime Minister’s Office sending wrong signals: Andhra Pradesh CM Chandrababu Naidu
Recalling several speculations that the NDA government would accord Special Category Status to AP if YSRC MPs resigned, he wondered what mistake the TDP had committed when it was in NDA.
Congress leader Anand Sharma called Karti Chidambaram’s arrest in the INX media case as an ‘act of revenge.’
Cabinet approves Fugitive Economic Offenders Bill 2018 to impound properties of Nirav Modi-type defaulters
The proposed law aims to impound and sell assets of fugitives like diamond merchant Nirav Modi and Vijay Mallya with a view to quickly recover dues.