PSUs

PSBs authorized to request LOCs against defaulters

By Indian Mandarins- 29 Jan 2019
65

psbs-authorized-to-request-locs-against-defaulters

To take care of the new incarnations of economic offenders like Vijay Mallya and Nirav Modi who quickly disappeared after their offenses became cognizable, the government has empowered PSBs to request lookout circulars (LOCs) against wilful defaulters and fraudsters.

 

The Home Ministry has also authorized the Serious Fraud Investigation Office (SFIO), a statutory corporate fraud investigation agency, to request LOCs if it feels the suspect may escape from India.

The ministry issued two circulars recently, authorizing chairman-cum-managing directors or chief executive officers of public sector banks and the SFIO to request designated authorities to issue LOCs against any wilful defaulter or fraudster if they think the person may flee the country.

 

The CMDs and CEOs of PSU banks can now ask the Home Ministry, Ministry of External Affairs, Customs and Income Tax Departments, Directorate of Revenue Intelligence, CBI, regional passport officers and police to issue a LOC to alert immigration check posts to stop anyone leaving India.

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.