Tuesday, October 4, 2022

Govt has issued 83 LOCs against defaulters so far

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New Delhi: The government has issued as many as 83 Look Out Circulars (LOC) against promoters of companies who have defaulted on loans taken from banks, thereby preventing them from fleeing the country, Union Minister of State for Home Nityanand Rai said on Wednesday.

“The Bureau of Immigration has opened 83 LOCs till now at the behest of banks,” he said in response to a written question in the Upper House.

How does the LOC prevent defaulters from fleeting?

Rai said that immigration authorities can detain as well as prevent any person, including a willful defaulter, from fleeing if an LOC has been issued against them.
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Who can open an LOC?

“A look out circular can be opened by the Bureau of Immigration in respect of Indian citizens and foreigners on the request of an authorised originator, which includes an officer, not below the rank of Deputy Secretary to the Government of India or an officer not below the rank of Joint Secretary in the state government,” the minister said.

District magistrates or superintendents of police or designated officers of various law enforcing and security agencies, or designated officers of Interpol or CMDs or CEOs of all Public Sector Banks, or as per directions of any criminal court in India, can request for issuance of LOC, the minister said.

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