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Learning Lessons: Public Sector Banks Get Same Power As CBI, RAW To Stop Wilful Defaulters From Leaving India
Swarajya Staff
Nov 23, 2018, 01:10 PM | Updated 01:10 PM IST
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The Chief Executive Offices (CEOs) of Public Sector Banks (PSBs) have now been provided with the necessary powers to request for a lookout circular against those wilful defaulters attempting to leave the country, as reported by Business Standard (BS).
Look Out Circular (LOC) is a circular issued by the government and judicial authorities to check if a person who is crossing borders, either through sea or air, is wanted by the police. It is a valuable tool to prevent absconding criminals from leaving Indian jurisdiction.
Earlier, only investigative agencies like Central Bureau of Investigation (CBI), Directorate of Revenue Intelligence, Research and Analysis Wing (RAW) and Enforcement Directorate (ED) could issue such circulars.
However, with the increasing number of willful defaulters leaving India for countries with sketchy immigration laws, the Ministry of Home Affairs (MHA) has decided to amended the rules.
It was reported earlier in the year that as many as 31 businessmen had left the country against whom a CBI investigation was open. The government has also compiled a list of 91 people it wants to bar from leaving India.
According to the new rules, Chairman, Managing Director (MD) or Chief Executive Officer (CEO) of each public sector bank, can issue requests for a lookout circular ‘against whom an FIR is yet to be filed.” “We don’t want to leave any window for defaulters to leave the country,” said a finance ministry official.
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