Govt clears Bill to deal with the likes of Nirav Modi; NFRA to regulate CAs

Govt cracks down on financial scam, clears Fugitive Economic Offenders Bill

Aiming to deter economic offenders like Nirav Modi and Mehul Choksi from fleeing the country, the Union Cabinet on Thursday approved the Fugitive Economic 

Offenders Bill, which provides for attaching properties of alleged fraudsters who do not respond to summons for questioning or trial.
 

The Cabinet also cleared a proposal, under Section 132 of the Companies Act, to set up the National Financial Reporting Authority (NFRA) to regulate chartered accountants (CAs). While the Bill will be sought to be introduced in the post-recess Budget session of Parliament, the NFRA will be notified under the existing Companies Act,  Finance Minister Arun