Economic sustainability and integration of sustainable and resilient economic policies not only aid in achieving long-term wealth for a nation but also enhances the well-being and quality of life of the people. India’s goal to match with the UN’s Sustainable Development Goals (SDGs) has produced a whopping estimated $2.5 trillion by 2030, with an approximate $1.1 trillion investment from the private sector, which necessitates the existence of a steady and stable economy. Since unstable economies always hinder development and exposes the future generations to financial risks, economic stability and sustainable development must go hand in hand. However, illegal activities like smuggling, trafficking and foreign exchange fraud adversely impact a nation’s economy by undermining its sustainability efforts. In Indian scenario as well, such offences are prevalent threats to her economic health. To address this, India has enacted laws such as the Prevention of Corruption Act (1988), the Prevention of Money Laundering Act (2002), the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (COFEPOSA), etc. to curb economic crimes. Of these, the COFEPOSA Act is unique as it provides for Preventive Detention for economic crimes. Preventive detention and sustainability, though primarily unrelated, can provide for an interesting area of combined investigation since a healthy economy is quintessential for sustainable development and transition, and the stringent laws related to preventive detention under the COFEPOSA Act can aid in creating more stable economy for achieving its sustainability goals, ensuring economic growth and future generations’ well-being.

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Economic Sustainability Through Preventive Detention: The Necessity of COFEPOSA Act, 1974 in Regulating Economic Stability

  • Suparna Mukherjee,
  • Smita Satapathy

摘要

Economic sustainability and integration of sustainable and resilient economic policies not only aid in achieving long-term wealth for a nation but also enhances the well-being and quality of life of the people. India’s goal to match with the UN’s Sustainable Development Goals (SDGs) has produced a whopping estimated $2.5 trillion by 2030, with an approximate $1.1 trillion investment from the private sector, which necessitates the existence of a steady and stable economy. Since unstable economies always hinder development and exposes the future generations to financial risks, economic stability and sustainable development must go hand in hand. However, illegal activities like smuggling, trafficking and foreign exchange fraud adversely impact a nation’s economy by undermining its sustainability efforts. In Indian scenario as well, such offences are prevalent threats to her economic health. To address this, India has enacted laws such as the Prevention of Corruption Act (1988), the Prevention of Money Laundering Act (2002), the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (COFEPOSA), etc. to curb economic crimes. Of these, the COFEPOSA Act is unique as it provides for Preventive Detention for economic crimes. Preventive detention and sustainability, though primarily unrelated, can provide for an interesting area of combined investigation since a healthy economy is quintessential for sustainable development and transition, and the stringent laws related to preventive detention under the COFEPOSA Act can aid in creating more stable economy for achieving its sustainability goals, ensuring economic growth and future generations’ well-being.