The opposition parties, in an attempt to corner the government politically, are actually chocking the process of democracy and killing the tabling of several crucial bills which could make the situation of a common man from worst to better. Rather than becoming positive, collars are being pulled up to be purposive and not to let the two main crucial bills to be tabled in the Parliament. The bills, which are beneficial for common man, will prevent his money to go in unsafe hands.
Fugitive Economic Offenders Bill, 2018 and The Banning of Unregulated Deposit Schemes Bill, 2018 are the tools which will secure a common man’s interest but will unveil the curtains from hidden expanded business outside our boundaries of those who are terrified of it.
Fugitive Economic Offenders Bill
The bill aims to curb the practice of evading criminal prosecution by economic offenders (wilful defaulters) who flee from country to evade clutches Indian law by remaining outside the jurisdiction of Indian courts.
It is applicable in cases where total value involved in such economic offences is Rs.100 crore or more. It keeps banks and other financial institution at Centre and provide help to them recover amount.
This bill gives the government a right confiscate the property of such economic offenders in India and abroad. Its provisions are also being applicable on proxy-owned properties of economic offenders in India and abroad. In other words, the bill cut the feathers of those who are planning to flee from the country after their frauds come in scenes like Vijay Mallya and Nirav Modi.
The absence of such offenders from Indian courts has several deleterious consequences - first, it hampers investigation in criminal cases; second, it wastes precious time of courts of law, third, it undermines the rule of law in India. Further, most such cases of economic offences involve non-repayment of bank loans thereby worsening the financial health of the banking sector in India. The existing civil and criminal provisions in law are not entirely adequate to deal with the severity of the problem. It is, therefore, felt necessary to provide an effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed.
Lets see what the bill says further:
If at any point of time in the course of the proceeding prior to the declaration, however, the alleged Fugitive Economic Offender returns to India and submits to the appropriate jurisdictional Court, proceedings under the proposed Act would cease by law. All necessary constitutional safeguards in terms of providing hearing to the person through counsel, allowing him time to file a reply, serving notice of summons to him, whether in India or abroad and appeal to the High Court have been provided for. Further, provision has been made for appointment of an Administrator to manage and dispose of the property in compliance with the provisions of law.
The Banning of Unregulated Deposit Schemes Bill
This bill is also a guard for those are unaware that where they are investing their money which they have earned with lots of hard work. It aims to tackle the menace of illicit deposit-taking activities in the country. Companies/ institutions running such schemes exploit existing regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned savings.
This bill has some provisions lets have a look on them:
Now the question arises that is this disruption in tabling these bills is a fear of opposition as it will uncurtain their activities?