After providing more powers to the Reserve Bank of India (RBI)
to tackle the bad loan problem
in the banking industry, the Centre is likely to empower the
Enforcement Directorate (ED)
and the income -Tax ( I-T)
Department to auction assets
defaulters or those e money laundering.
Such a move could help in expediting the recovery process
in cases where investors have lost thousands of crores rupees.
The centre might introduce Provisions of money laundering
act (PMLA) to enable the ED or the I-T department to auction
attached assets soon after filling the chargesheet or before the case trials begin. The ED now has the powers to professionally attach the property of a person believed to
be in possession of 'proceed in a crime. Such proceeds are likely to be concealed or transferred and may result in frustrating proceeding relating to confiscation. After the provisional attachment of the property, the officer has to forward the complaint to the adjudicating authority.
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