With the assent of the President of India, the Fugitive Economic Offenders Ordinance, 2018 gets promulgated; New Law lays down the measures to empower Indian authorities to attach and confiscate the proceeds of crime associated with economic offenders and the properties of the economic offenders.

With the assent of the President of India, the Fugitive Economic Offenders Ordinance, 2018 gets promulgated; New Law lays down the measures to empower Indian authorities to attach and confiscate the proceeds of crime associated with economic offenders and the properties of the economic offenders. https://www.taxtmi.com/news?id=19946 The Ordinance empowers authorised officers to apply to a Special Court to declare an individual a fugitive economic offender where an arrest warrant for a scheduled offence exists and the person has left India or refuses to return; it permits attachment and confiscation of proceeds of crime and other property (including benami property) valued at Rs. 100 crore or more, provides for notice, hearing, provisional attachment, search and seizure powers, exemption for bona fide third party interests, appointment of an Administrator to manage confiscated assets, and vesting of rights in the Central Government. en-us Mon, 23 Apr 2018 10:17:26 +0530 Wed, 11 Feb 2026 15:57:44 +0530 TaxTMI RSS Generator With the assent of the President of India, the Fugitive Economic Offenders Ordinance, 2018 gets promulgated; New Law lays down the measures to empower Indian authorities to attach and confiscate the proceeds of crime associated with economic offenders and the properties of the economic offenders. https://www.taxtmi.com/news?id=19946 The Ordinance empowers authorised officers to apply to a Special Court to declare an individual a fugitive economic offender where an arrest warrant for a scheduled offence exists and the person has left India or refuses to return; it permits attachment and confiscation of proceeds of crime and other property (including benami property) valued at Rs. 100 crore or more, provides for notice, hearing, provisional attachment, search and seizure powers, exemption for bona fide third party interests, appointment of an Administrator to manage confiscated assets, and vesting of rights in the Central Government. News - Mon, 23 Apr 2018 10:17:26 +0530 https://www.taxtmi.com/news?id=19946