ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI SHIV PRATAP SHUKLA)
(a) to (c): The details of cases of financial irregularities/fraud identified, persons/companies punished by various agencies of the Government during the last three years and current year and recovery made are given at Annexure.
(d) and (e):- Yes Madam. The Income-tax Department takes appropriate action against persons involved in tax evasion and against black money which is an on-going process. Such action under the direct tax laws includes searches, surveys, enquiries, assessment of income, levy of penalties and filing of prosecution complaints before criminal courts, wherever applicable.
Further, Directorate of Revenue Intelligence(DRI) is committed to curb financial irregularities/fraud to safeguard government revenue and taking all possible steps in this regard.
The government has taken stringent measures to ensure compliance with accounting and auditing standards; compliance relating to statutory filings under various provisions of the act; discharge of duties assigned to the board of directors and board committees such as audit committee, nomination and remuneration committee; duties of independent directors and statutory auditors; mandatory disclosures with reference to related party transactions; other disclosures required in annual report and financial statement; disclosures to the shareholders etc.
There were instances of big time offenders, including economic offenders, fleeing the country to escape the reach of law. In order to address the inadequacies and to provide an effective process and lay down measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts, the Fugitive Economic Offenders Act, 2018 has been enacted.
For enforcement of auditing standards and ensuring the quality of audits, Government has initiated establishment of National Financial Reporting Authority as an independent regulator.
To send a clear message that borrowers cannot wilfully default and continue to enjoy ownership of their assets, wilful defaulters and connected persons have been debarred from participating in the resolution process under the Insolvency and Bankruptcy Code (IBC).
Launch of Central Fraud Registry (CFR), a web based searchable database of frauds reported by the banks, containing data for the last 13 years has been made operational by RBI in January, 2016.
Ministry of Home Affairs has constituted an Inter-Ministerial Committee on Phone Fraud (IMCPF) having members of all stakeholder organizations, namely, Ministry of Electronics & Information Technology, Department of Financial Services, Department of Telecommunication, Reserve Bank of India and Law enforcement agencies, to address the problem. FCORD-FICN Coordination agency has been designated as Central Nodal Agency for this purpose and ADGP/IGP crime in each State/UT as the State Nodal Officer.
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