Topic– Indian Economy – Issues
4) A plethora of regulations are already in use to combat fugitive economic crimes in India. Examine the legislative void that Fugitive Economic Offenders Bill is trying to fill and analyze its effectiveness?(250 words)
Why this question
In recent years a lot of economic offenders have fled from the country and escaped the judicial system of the country. The investigative agencies rue the fact that the existing legislations are ill equipped to deal with the scenario where the offenders flee the country. The question is based on examining what kind of legislative void exists in the country and how FEOB will improve the situation.
Key demand of the question
The question expects us to discuss whether any legislative void exists in the country. Thereafter, we need to discuss the provisions of the Bill and analyze how the Bill would help us in dealing with economic offenders like Vijay Mallya and Nirav Moti.
Examine – When you are asked to examine, you have to probe deeper into the topic, get into details, and find out the causes or implications if any .
Analyze – When asked to analyze, you have to examine methodically the structure or nature of the topic by separating it into component parts and present them as a whole in a summary.
Introduction – Highlight the background in which FEOB has been introduced in Parliament.
- Examine whether any legislative void exists in the country. Argue from both side of the debate and give a fair and balanced conclusion. Mention that the absence of offenders during investigations poses problems for the probing agencies, and discuss the deterrent effect that the legislation creates. On the other side, we can bring out that the implementation of existing laws PMLA etc can only serve the purpose as argued in EPW article
- Bring out the main features of the Bill and what the Bill is trying to achieve – discuss the expected impact first which is expected to re-establish the rule of law as the accused will be forced to return to India and face trial for his offences. This would 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. Discuss how this is expected to be done.
- Examine the Bill from constitutional, practical, legal perspectives and how the Bill would stand the test of time.
Conclusion – Give your view on whether the Bill would help in resolving the issue and what should be the way forward.