ECONOMIC OFFENCE- MORE GRIEVOUS THAT MURDER

An “economic offence” is not specifically defined by law in India. All crimes that take place while engaging in any type of economic or commercial activity are considered economic offences. The Indian Penal Code of 1860 (often known as the “IPC”) first dealt with such offences, such as corruption and criminal misbehaviour. However, the Government of India recognised the necessity to develop separate legislations addressing such offences due to the constant rise in economic offences of various types, including tax evasion, trafficking, smuggling, etc., all of which are too particular to be brought under the jurisdiction of the IPC alone. The concept of economic crimes is one that is still in flux and lacking in foundation. The government is now forced to start thinking of measures to minimise the cases currently stacked up in courts, by introducing separate special courts or tribunals and by passing special legislation, as the figures of economic offences show a clear growth. It is evident that the government is aware of the rising number of economic offences in the nation and is looking at ways to streamline and improve the current rules in order to clear up any ambiguity. Traditional crimes like murder are well-known to our thoughts. robbery and rape, as well as offences where an individual’s tangible person or property is attacked. However, it can take some time for people to understand how serious non-conventional crimes are when intangible property—in the sense of the community’s economic resources—is involved or when the harm caused is indirect and remote and there is no immediate tangible object of the harm visible to the mind. Both the abuser and society fail to recognise the harm sufficiently because there wasn’t a direct victim.