New Delhi, March 1: The Union Cabinet on Thursday approved the Fugitive Economic Offenders Bill 2018. Finance Minister Arun Jaitley announced the decision of the Cabinet in a press conference. The bill will be tabled in Parliament in the next session. Also Read - Year-Ender 2019: Country's Political Bigwigs Who Left us in The Year Gone by

The Finance Minister explained that the Fugitive Economic Offenders Bill 2018 will confiscate assets of fugitive, who left the country after committing economic offences. He said that even Benami assets will be confiscated. Also Read - BCCI AGM: Members Question Financial Decisions During CoA Tenure

He added that provisions of confiscating assets that are situated on foreign lands will also be added in the bill. He said that cooperation of the country where the property is situated will be needed for the same. Also Read - Arun Jaitley's Family Declines Pension, Offers It To ‘Most Needy’ Staff in Rajya Sabha

The minister further said that the Cabinet also approved establishment of National Financial Reporting Authority (NFRA).

“NFRA will act as an independent regulator for the the auditing profession which was one of the key changes brought in by the Companies Act, 2013,” Finance Minister Arun Jaitley he said.

“Jurisdiction of NFRA for investigation of Chartered Accountants and their firms under Section 132 of the Act would extend to listed companies and large unlisted public companies, the thresholds for which shall be provided in the rules,” he added.

Famous economic offenders who are on the run includes Vijay Mallya, who defaulted on bank loans to the tune of Rs 9,000 crore. The more recent example is of diamond merchants Mehul Choksi and Nirav Modi, who allegedly committed a fraud of over Rs 12,000 crore from Punjab National Bank. The duo fled the country and is refusing to return to India to join the investigation launched by law enforcement agencies.