Govt to introduce Fugitive Economic offenders Bill and Chit Funds (Amendment) Bill in Lok Sabha today

The Chit Funds (Amendment) Bill and The Fugitive Economic Offenders Bill are scheduled to be introduced in the Lok Sabha on Monday. 

Last month, the Cabinet had given its approval to introduce the Chit Funds (Amendment) Bill in Parliament. 

The amendment has been brought to facilitate orderly growth of the Chit Funds sector and remove bottlenecks being faced by the Chit Funds industry and enabling greater financial access of people to other financial products.

The Fugitive Economic Offenders Bill which was approved by the Cabinet early this month aims to stop economic offenders who flee overseas to avoid getting caught in financial frauds or offences. 

The cases where



the total value involved in such offences is 100 crore rupees or more will come under the purview of the Bill.It is expected to re-establish the rule of law with respect to the fugitive economic offenders as they will be forced to return to India to face trial for scheduled offences. 

It will also help the banks and other financial institutions to achieve higher recovery from financial defaults committed by such fugitive economic offenders, improving the financial health of such institutions. 

In Rajya Sabha, The Motor Vehicles (Amendment) Bill, The State Banks (Repeal and Amendment) Bill, The Prevention of Corruption (Amendment) Bill will come up today for discussion and passage.