The Union Cabinet on Thursday approved the Fugitive Economic Offenders Bill that seeks to confiscate and sell all assets of absconding economic offenders.
Once it is voted into law, the proposed legislation will empower investigating agencies to confiscate, and vest with themselves, any property of the absconding offenders without encumbrances, and will apply to cases where proceeds of the crime are above Rs 100 crore.
The government also decided to set up a National Financial Reporting Authority (NFRA) to frame rules governing the conduct of chartered accountants and auditors. The NFRA will have jurisdiction over listed companies and “large unlisted” companies, while the Institute of Chartered Accountants of India will continue to oversee the remaining companies. The government will frame the rules that will define the threshold for companies to be supervised by the NFRA, which will have a chairman and a total of 15 members.
The Union Cabinet on Thursday approved the Fugitive Economic Offenders Bill that seeks to confiscate and sell all assets of absconding economic offenders.
Once it is voted into law, the proposed legislation will empower investigating agencies to confiscate, and vest with themselves, any property of the absconding offenders without encumbrances, and will apply to cases where proceeds of the crime are above Rs 100 crore.
The government also decided to set up a National Financial Reporting Authority (NFRA) to frame rules governing the conduct of chartered accountants and auditors. The NFRA will have jurisdiction over listed companies and “large unlisted” companies, while the Institute of Chartered Accountants of India will continue to oversee the remaining companies. The government will frame the rules that will define the threshold for companies to be supervised by the NFRA, which will have a chairman and a total of 15 members.
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