evidence: This should restore the health of banks somewhat and enable them to start lending to viable projects. Banks have recovered over 1.1 lakh crore through IBC since 2017-18.</p>.<p><strong>Fugitive Economic Offenders Act</strong></p>.<p>The Fugitive Economic Offenders Act (FEOA) came into force in April 2018. The Act was needed as the number of large fraud cases reported by banks rose alarmingly in the last few years, with over 30 people accused and under probe for various financial scams/frauds fleeing the country to escape the law. Under the law, if an economic offender flees the country to avoid due process, he/she can be declared a ‘fugitive economic offender’ and their properties can be confiscated. Nirav Modi and Vijay Mallya have been declared as economic offenders. Their property, including art collections and cars, can be auctioned off to recover part of their debt.</p>.<p><strong>Demonetisation</strong></p>.<p>On November 8, 2016, Narendra Modi sucked out 86% of the currency in circulation by value in the Indian economy. The decision was taken against the advice of two successive RBI governors, Raghuram Rajan and Urjit Patel.