The path of strict law has become completely clear to stop big economic criminals like Neerav Modi and Vijay Mallya. On Wednesday, the financial fugitive bill related to it has passed in the 2018 Rajya Sabha. Last week, the Lok Sabha had also given it a green signal. Now after the President's approval, this bill will take the form of the law.
Under the new law economic criminals will not be able to take refuge in foreign countries by ignoring the judicial system of the country. In it, various government agencies have the right to seize the properties of such criminals. This new law is different from the Prevention of Money Laundering Act (PMLA) which seizes the property of economic criminals.
In the new law, all the shortcomings in the old law related to it have been removed. So that the legal process for the criminals to ignore will not be easy. The government had announced the introduction of this law in this budget.
Finance Minister Piyush Goyal informed that ED (Enforcement Directorate) will be the nodal agency for the investigation related to this law. In response to the Opposition Keswal, Goyal said that the law has strict provisions for tackling the defaulters of 100 crores above. But this does not mean that there will be no restrictions on the financial criminals less than 100 crores. Goyal said that the culprit of this category will be settled under a different law.