Union Ministry of Finance on Tuesday said that six new debt recovery tribunals (DRTs) have been set up in the country and the minimum pecuniary limit for filing of cases in the tribunal has been increased to Rs 20 lakh.
Taking to Twitter, the Finance Ministry also informed that the Fugitive Economic Offenders Act, 2018 has been enacted to deter economic offenders from evading the law of the land by remaining outside the jurisdiction of Indian courts.
"Six new Debt Recovery Tribunals (DRTs) have been established and the minimum pecuniary limit for filing of cases in DRTs has been revised in 2018 from Rs 10 lakh to Rs 20 lakh to enable focus on higher value cases in these fast-track tribunals," tweeted the Finance Ministry.
"Fugitive Economic Offenders Act, 2018 has been enacted to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts, provides for attachment and confiscation of property of a fugitive economic offender," reads another tweet of the Finance Ministry.
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