The Fugitive Economic Offenders Bill, 2018, tabled in Parliament, has been brought to replace the Ordinance promulgated earlier this year to fast-track criminal action against major economic offenders and seize their property, acting Finance Minister Piyush Goyal said on Thursday.

The Bill allows for a person to be declared as a fugitive economic offender (FEO) if an arrest warrant is issued against him for any specified offences involving over Rs 100 crore and he has left the country and refuses to return to face prosecution.