New Delhi: As the country struggles to bring back the main accused of multi-crore fraud committed in Punjab National Bank -- diamond trader Nirav Modi and his uncle Mehul Choksi owner of Gitanjali Gems -- the Cabinet on Thursday approved Fugitive Economic Offenders Bill 2018, which would facilitate action against such offenders.

Finance Minister Arun Jaitley while addressing media after the Cabinet meeting said: "Under the Bill all the assets (in the country) of the offender will be confiscated and not only the proceeds of crime. Even benami assets, if any, would be seized."

This Bill also has a provision to confiscate assets of the offender in foreign land as well, for which the government will have to make arrangements with different countries.

It will target big defaulters, he said.

The Bill will be introduced in the Budget Session of the Parliament.