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With reference to the Fugitive Economic Offenders (FEO) in India, consider the following statements:
1. A Fugitive Economic Offender is any individual who is will fully not paying a debt of more than Rs 5 crores and has absconded without facing the consequences.
2. Any such individual is declared a Fugitive Economic Offender by the money-lending institution to whom he owes the debt.
Which of the statements given above is/are correct?
1. A Fugitive Economic Offender is any individual who is will fully not paying a debt of more than Rs 5 crores and has absconded without facing the consequences.
2. Any such individual is declared a Fugitive Economic Offender by the money-lending institution to whom he owes the debt.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
With reference to the Fugitive Economic Offenders (FEO) in India, cons...
• The Fugitive Economic Offenders Act 2018 was brought to” provide for measures to deter fugitive economic offenders from evading the process of law in India by staying outside the jurisdiction of Indian courts, to preserve the sanctity of the rule of law in India and for matters connected therewith or incidental thereto”.
• Statement 1 is not correct: An FEO is defined by the act as “any individual against whom a warrant for arrest in relation to a scheduled offense has been issued by any court in India, who (i) has left India so as to avoid criminal prosecution; or (ii) being abroad, refuses to return to India to face criminal prosecution”. The individual should be involved in offenses of at least 100 crores.
• Statement 2 is not correct: To declare a person an FEO, an application has to be filed in a Special Court (designated under the Prevention of Money-Laundering Act, 2002) containing details of the properties to be confiscated, and any information about the person’s whereabouts. The Special Court will require the person to appear at a specified place at least six weeks from the issue of notice. Proceedings of the FEO court will be terminated if the person appears. But he will have to face the due proceedings under other concerned laws.
• Statement 1 is not correct: An FEO is defined by the act as “any individual against whom a warrant for arrest in relation to a scheduled offense has been issued by any court in India, who (i) has left India so as to avoid criminal prosecution; or (ii) being abroad, refuses to return to India to face criminal prosecution”. The individual should be involved in offenses of at least 100 crores.
• Statement 2 is not correct: To declare a person an FEO, an application has to be filed in a Special Court (designated under the Prevention of Money-Laundering Act, 2002) containing details of the properties to be confiscated, and any information about the person’s whereabouts. The Special Court will require the person to appear at a specified place at least six weeks from the issue of notice. Proceedings of the FEO court will be terminated if the person appears. But he will have to face the due proceedings under other concerned laws.
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With reference to the Fugitive Economic Offenders (FEO) in India, cons...
Understanding Fugitive Economic Offenders in India
Fugitive Economic Offenders (FEO) legislation in India aims to address individuals who evade legal proceedings related to economic crimes. Let's dissect the statements provided in the question.
Statement 1: Definition of a Fugitive Economic Offender
- The statement claims that a Fugitive Economic Offender is an individual willfully not paying a debt of more than Rs 5 crores and has absconded.
- However, the definition of a Fugitive Economic Offender extends beyond just not repaying debts. Under the Fugitive Economic Offenders Act, 2018, this term refers to individuals who have committed specified economic offenses and have left India to avoid legal action.
Statement 2: Declaration by Money-Lending Institutions
- The second statement suggests that any money-lending institution can declare an individual as a Fugitive Economic Offender.
- This is incorrect. The declaration of a Fugitive Economic Offender is made by a Special Court designated under the Act, not by the creditors or money-lending institutions.
Conclusion
- Both statements provided in the question do not accurately reflect the definitions and processes outlined in the Fugitive Economic Offenders Act, 2018.
- Therefore, the correct answer is option 'D': Neither 1 nor 2 is correct.
Key Takeaway
- Understanding the legal framework surrounding Fugitive Economic Offenders is crucial, especially for UPSC aspirants, to ensure clarity on such significant issues in economic governance and law enforcement.
Fugitive Economic Offenders (FEO) legislation in India aims to address individuals who evade legal proceedings related to economic crimes. Let's dissect the statements provided in the question.
Statement 1: Definition of a Fugitive Economic Offender
- The statement claims that a Fugitive Economic Offender is an individual willfully not paying a debt of more than Rs 5 crores and has absconded.
- However, the definition of a Fugitive Economic Offender extends beyond just not repaying debts. Under the Fugitive Economic Offenders Act, 2018, this term refers to individuals who have committed specified economic offenses and have left India to avoid legal action.
Statement 2: Declaration by Money-Lending Institutions
- The second statement suggests that any money-lending institution can declare an individual as a Fugitive Economic Offender.
- This is incorrect. The declaration of a Fugitive Economic Offender is made by a Special Court designated under the Act, not by the creditors or money-lending institutions.
Conclusion
- Both statements provided in the question do not accurately reflect the definitions and processes outlined in the Fugitive Economic Offenders Act, 2018.
- Therefore, the correct answer is option 'D': Neither 1 nor 2 is correct.
Key Takeaway
- Understanding the legal framework surrounding Fugitive Economic Offenders is crucial, especially for UPSC aspirants, to ensure clarity on such significant issues in economic governance and law enforcement.
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With reference to the Fugitive Economic Offenders (FEO) in India, consider the following statements:1. A Fugitive Economic Offender is any individual who is will fully not paying a debt of more than Rs 5 crores and has absconded without facing the consequences.2. Any such individual is declared a Fugitive Economic Offender by the money-lending institution to whom he owes the debt.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
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With reference to the Fugitive Economic Offenders (FEO) in India, consider the following statements:1. A Fugitive Economic Offender is any individual who is will fully not paying a debt of more than Rs 5 crores and has absconded without facing the consequences.2. Any such individual is declared a Fugitive Economic Offender by the money-lending institution to whom he owes the debt.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Fugitive Economic Offenders (FEO) in India, consider the following statements:1. A Fugitive Economic Offender is any individual who is will fully not paying a debt of more than Rs 5 crores and has absconded without facing the consequences.2. Any such individual is declared a Fugitive Economic Offender by the money-lending institution to whom he owes the debt.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Fugitive Economic Offenders (FEO) in India, consider the following statements:1. A Fugitive Economic Offender is any individual who is will fully not paying a debt of more than Rs 5 crores and has absconded without facing the consequences.2. Any such individual is declared a Fugitive Economic Offender by the money-lending institution to whom he owes the debt.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?.
With reference to the Fugitive Economic Offenders (FEO) in India, consider the following statements:1. A Fugitive Economic Offender is any individual who is will fully not paying a debt of more than Rs 5 crores and has absconded without facing the consequences.2. Any such individual is declared a Fugitive Economic Offender by the money-lending institution to whom he owes the debt.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Fugitive Economic Offenders (FEO) in India, consider the following statements:1. A Fugitive Economic Offender is any individual who is will fully not paying a debt of more than Rs 5 crores and has absconded without facing the consequences.2. Any such individual is declared a Fugitive Economic Offender by the money-lending institution to whom he owes the debt.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Fugitive Economic Offenders (FEO) in India, consider the following statements:1. A Fugitive Economic Offender is any individual who is will fully not paying a debt of more than Rs 5 crores and has absconded without facing the consequences.2. Any such individual is declared a Fugitive Economic Offender by the money-lending institution to whom he owes the debt.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?.
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