Which of the following statement about lsquo Fugitive Economic Offenders Bill 2017 rsquo is incorrec...........

Economic Affairs Industrial Sickness

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Which of the following statement about ‘Fugitive Economic Offenders Bill, 2017’is incorrect?

The bill aims to empower government to confiscate property of economic offenders and defaulters who flee India.

The burden of proof for establishing that an individual is fugitive economic offender will be on authorities.

The proposed bill will be applicable in cases where the value of offences is over Rs 1000 crore.

The bill entrusts responsibility to try such cases to the courts under Prevention of Money Laundering Act, 2002.

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Explanation:

Third option is incorrect. The proposed bill will be applicable in cases where the value of offences is over Rs 100 crore.
Features of Bill
• It defines fugitive economic offender as any individual against whom warrant for arrest in relation to economic offence has been issued and person has left the country and refuses to return to India to face criminal prosecution.
• The burden of proof for establishing that an individual is fugitive economic offender will be on authorities.
• It will allow Financial Intelligence Unit (FIU), the premier technical snoop wing under the finance ministry, to file an application for declaration of fugitive economic offender for confiscation of their assets.
• The bill entrusts responsibility to try such cases to the courts under Prevention of Money Laundering Act, 2002 (PMLA). The bill has provision for appointment of an administrator to dispose off property of fugitive offender to pay off the creditors. Besides, it has provisions to override provisions of other existing laws.