Cabinet clears Fugitive Economic Offenders Bill

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The Union Cabinet approved the Fugitive Economic Offenders Bill, 2018, to confiscate properties of those fleeing India or try to escape the reach of law. It also approved the proposal for establishment of National Financial Reporting Authority (NFRA) to enhance audit standards of companies. NFRA will act as an independent regulator in the wake of increasing accounting scams. The approval by the Cabinet will pave the way for the introduction of the bill in the resumed Budget session of Parliament from March 5.