Besides, it has suggested punishment for bribe givers too.
At present, there is no law in the country that covers corruption in the private sector or criminalises bribe giving.
The panel has, however, not agreed with the government's proposal to include Non-Government Organisations (NGOs) in the jurisdiction of a proposed anti-corruption law and exempted "charitable services" from it.
The Committee, that examined changes in the Prevention of Corruption Act, 1988, in its report recommended a 'shield' for public servants and suggested a mandatory conditions for probe agencies like CBI to take "previous approval" of competent authority before conducting any enquiry or investigation against a public servant--including from peon to Secretary.
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The report of the Select Committee of Rajya Sabha on the Prevention of Corruption (Amendment) Bill, 2013, was submitted today. As many as 19 Sections of the 28-year-old anti-corruption law were proposed to be amended through the bill, which were examined by the panel.
The Committee has recommended time-bound trial of corruption cases within two years time.
In order to contain corporate corruption, the bill has proposed to increase the liability of commercial organisation to the extent of making its in-charge guilty of offence of corruption, if its agent or employee offers undue advantage or bribe to public servant.
In case the offence is proved in the court to have been
committed with the consent or connivance of any director, manager, secretary or other officer of the commercial organisation, such individuals shall be guilty of the offence and shall be liable for imprisonment for a term of not less than three years and extendable up to seven years, and shall also be liable to fine, the panel said.
"The Committee feels that mere offering of bribe may not be appropriate to be an offence unless it is accepted or demanded. The Committee, therefore, suggests that the words 'offer' may be deleted from proposed Section 8," the report reads.
A person who gives or promises to give bribe may be charged under the proposed anti-corruption law, it said.
The panel has endorsed enhanced punishment from three to five years imprisonment as minimum punishment for habitual offenders. The amendment bill had proposed enhanced imprisonment of five years and ten years, as minimum and maximum punishment, for such offenders.
The panel has recommended provisions for attachment and forfeiture of property and proceeds of corrupt practices.
The Prevention of Corruption (Amendment) Bill was introduced in the Rajya Sabha on August 19, 2013 during the UPA rule. However, it was referred to a Parliamentary Standing Committee, which had submitted its report to the Upper House on February 6, 2014 but the Bill could not be passed then.
It was on December 7 last year sent to the Select Committee for examination and report.