In the 48 months that the Modi government has been in power, it has taken several significant steps to eliminate this blight.
- Their zero-tolerance approach to white collar crimes was apparent in their decision to approve a new law - Fugitive Economic Offenders Bill 2018 - that targets economic offenders fleeing the country. The bill provides for the confiscation of all assets of such economic offenders.
- The government has also established another institution, i.e. National Financial Reporting Authority (NFRA) to regulate auditors.
- The most important step by the Modi Government in fighting corruption was the demonetisation process, initiated on 8th November 2016. Denominations of 100 and 500 were taken out of circulation to weed out black money stashed in the country.
- The current Modi government also took action against over two lakh companies suspected of money laundering.
- The Benami Transactions (Prohibition) Amendment Act, 2016 also paved the way for a corruption-free India.
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