Addressing the session on challenges and measures to fight corruption', Singh said India has made it clear that the world is presently combatting another serious emerging challenge of fugitive economic offenders.
India has been pressing the United Kingdom to extradite Mallya and Modi to face trial in India for their alleged involvement in cases relating to financial fraud.
Nirav Modi and his uncle Mehul Choksi are the prime accused in the PNB fraud case, related to alleged fraudulent issuance of Letters of Undertaking that caused a loss of over USD 2 billion to the public sector bank.
The BJP on Saturday said the absconding Vijay Mallya being declared a fugitive economic offender by a Mumbai court has come as a feather in the ruling party's cap in its fight against corruption.
Unlike liquor baron Vijay Mallya, who is accused of a loan default of over Rs 9000 crore, Modi had no Non-Performing Assets (NPAs) when he left the country, his lawyer argued.
It was Prime Minister Narendra Modi who presented the agenda in the second session of the G20 Summit on international trade, international financial and tax systems.
The ED had filed an application before a special Prevention of Money Laundering Act (PMLA) court seeking the 'fugitive' tag for Mallya under the Fugitive Economic Offenders' Act, 2018.
The home minister also termed transaction in banks as the lubricant of economy which keeps it moving.
Under the new law, designated special court can declare a person as fugitive economic offender and can also confiscate his property, including 'benami' ones.
The fugitive economic offenders law comes in the backdrop of alleged fraudsters like Nirav Modi running away from the country after cheating Punjab National Bank to the tune of about USD 2 billion.
The Fugitive Economic Offenders Bill was introduced in the Lok Sabha on March 12, but could not be taken up for discussion and passage due to the logjam in Parliament over various issues.
Sources said the ordinance aims at deterring economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts.
New Delhi, Sep 23: The Law Ministry today told a government panel on black money that imposing death penalty on economic offenders would be barbaric and take the nation backward.The opinion was communicated to CBDT
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