Prime minister Narendra Modi told a gathering of the G20 ministerial group on anti-corruption that his government is “aggressively pursuing '' economic offenders and wanted the world's largest economies should set an example by using non-conviction-based confiscations to hasten the recovery of foreign assets.
A day after his government introduced a new bill in Parliament called Bharatiya Nyaya Sanhita that included a provision for non-conviction-based confiscation of properties of proclaimed offenders in India or abroad, Modi made the statement while virtually addressing the G20 ministers at a meeting in Kolkata. The new bill is set to replace the colonial-era Indian Penal Code. Non-conviction-based confiscation refers to takeover of assets of offenders even when their conviction has not been secured.
The PM said using non-conviction based confiscations will only expedite the recovery of foreign assets of economic offenders. He said this will ensure “swift return and extradition of criminals” after the due judicial process. Ever since India has enacted the Economic Offenders Act (in 2018), it has led to the recovery of assets worth over $1.8 billion (around £1.5 billion) from fugitives, in addition to the attachment of assets worth $12 billion (around £10 billion) under PMLA since 2014, he added.
The PM said, “It will send a strong signal about our joint fight against corruption.” He added that the collective efforts of G20 nations can significantly support the fight against corruption and a huge difference can be made through enhanced international cooperation.
According to Modi, the welfare programmes and government projects' loopholes and gaps are being closed. Because of this, millions of Indians have received direct benefit transfers into their bank accounts totaling more than $360 billion, contributing to a $33 billion savings.