Finance minister Jaitley said the weak spot was the agricultural sector which posed the greatest challenge. Photograph:( PTI )
Finance minister Arun Jaitley said today that the Cabinet has cleared the National Financial Reporting Authority(NFRA).
New and old cases of persons who have fled the country to avoid prosecution will be covered by the new Fugitive Economic Offenders Bill, the finance minister informed.
"Courts may declare anyone fugitive if he flees the country to avoid arrest in a scheduled offence where arrest warrant has been issued," the finance minister said.
Jaitley added that all assets, not just proceeds of crime, will be confiscated of an offender fleeing the country, asserting that the offender "cannot pursue any civil case."
"National Financial Reporting Authority will apply to auditing responsibilities pertaining to listed companies and unlisted large companies," the finance minister declared.
NFRA will be an oversight body over auditors, he said.