The Lokpal will also have powers to attach the property of corrupt public servants acquired through corrupt means.
At the same time, the bill provides for prosecution for false complaint. The punishment term would not be less than two years in jail. The prison term can extend up to five years.
A penalty ranging from Rs 25,000 to Rs 2 lakh is also proposed on people found guilty of making false complaints.
The public servant is also entitled for compensation.
The anti-corruption watchdog can also seek the assistance of the Centre and the state government in conducting inquiries.
It provides for a time limitation period of seven years from the date of taking cognisance of an offence. In the case of the Prime Minister, the limitation period will apply after he or she demits office.
The measure does not provide for constitution of Lokayukt as in States.
The expenses to run the institution would be borne out of the Consolidated Fund of India.
The government hopes that if the Standing Committee comes out with its recommendations on the bill by August-end, then it could go ahead with its passage.