Nation
Government to bring law to confiscate assets of economic offenders
In a bid to deal with economic offenders like liquor baron Vijay Mallya, who flee the country to escape the legal process, the government on Thursday said it has prepared a draft legislation to enable confiscation of their assets.
 
The draft law -- Fugitive Economic Offenders Bill, 2017 -- has been prepared and put in public domain at the Department of Economic Affairs, Ministry of Finance, website for comments and suggestions of all stakeholders. 
 
"It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously undermines the rule of law in India," the Finance Ministry said here in a statement
 
"It is, therefore, felt necessary to provide an effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed," the statement said. 
 
"The government is considering to introduce legislative changes or even a new law to confiscate the assets of such absconders till they submit to the jurisdiction of the appropriate legal forum," the statement added. 
 
All stakeholders need to submit their suggestions by June 3. 
 
The legislative action is part of the Union Budget announcement.
 
Finance Minister Arun Jaitley had in the Budget 2017-18 said: "In the recent past, there have been instances of big time offenders, including economic offenders, fleeing the country to escape the reach of law. We have to ensure that the law is allowed to take its own course. 
 
"Government is, therefore, considering introduction of legislative changes, or even a new law, to confiscate the assets of such persons located within the country, till they submit to the jurisdiction of the appropriate legal forum. Needless to say that all necessary constitutional safeguards will be followed in such cases."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

manoharlalsharma

6 days ago

Government to bring law to confiscate assets of economic offenders/is it possible the biggest property holders r Politicians only and they know how to cheat and hide behind HC and rest will be manged by their law officers with guaranty of 100% security of hiding with misguide/misrepresentation.

Hayath MS

1 week ago

Already they have 75% of wealth now want to take away remaining 25% also, every law is used as per convenience of the ruler and their finances .

SRINIVAS SHENOY

1 week ago

It is a good legislation which was long overdue. Hope it is legislated soon, so as to enable the banks to clean their books, which will spur in all round economic development of the country.

No report yet of global cryptocurrency attack in India: CERT-In
Allaying fears that after "WannaCrypt" ransomware, India will be targeted by a cryptocurrency malware attack that quietly but swiftly generates digital cash from machines it has infected, the country's cyber security unit on Thursday said India is safe from the "Adylkuzz" malware.
 
"There are no reports of this 'Adylkuzz' malware from the Indian establishments yet. Users are advised to maintain updated anti-virus software and apply patches to operating systems and applications on regular basis," Sanjay Bahl, Director General of the Computer Emergency Response Team (CERT-In), told IANS.
 
After facing a massive ransomware attack that exploited a vulnerability in a Microsoft software and hit 150 countries, the same Windows vulnerability (MS17-010) was also exploited to spread "Adylkuzz" by another group of hackers.
 
According to a report in The Registrar, tens of thousands of computers globally have been affected by the "Adylkuzz attack" that targets machines, lets them operate and only slows them down to generate digital cash or "Monero" cryptocurrency in the background. 
 
"Monero" -- being popularised by North Korea-linked hackers -- is an open-source cryptocurrency created in April 2014 that focuses on privacy, decentralisation and scalability. 
 
It is an alternative to Bitcoin and is being used for trading in drugs, stolen credit cards and counterfeit goods.
 
"There is no need to panic as "CERT-In publishes regular advisories and vulnerability notes on its website as well as some on Cyber Swachhta Kendra website", Bahl added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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ICJ accepts India's plea, asks Pakistan not to execute Jadhav
In major relief for India, the International Court of Justice on Thursday ordered Pakistan not to execute alleged spy Kulbhushan Jadhav till a final decision is taken.
 
Judge Ronny Abraham, President of the court, reading out the court verdict also asked Pakistan to inform it of all the measures it has taken to implement the order.
 
India on Monday had sought the court's intervention for an immediate suspension of Jadhav's death sentence, fearing that the Indian national may be executed even before the ICJ decided the case.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

Deepak Narain

1 week ago

Pakistan is a rogue State. It needs to be handled with a heavy hand. I am afraid the international court won't be able to solve the problem as they could not solve the Kashmir problem. Nehru's mistake is being repeated.

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