5 Questions
Who has been authorized to request opening of LOCs?
Chairman / Managing Directors / Chief Executives of all Public Sector Banks
What is the definition of a 'Person' in relation to whom a request for LOC is being made?
An individual person
What is the definition of an 'Entity' in relation to a person requesting for LOC?
Any person in a position to control such entity by ownership or otherwise
Under what circumstances can the departure of a person from India be declined at the request of any of the authorities?
If it appears to such authority based on inputs received that the departure of such person is detrimental to sovereignty or security or integrity of India
What are the potential reasons for the departure of a person from India to be declined at the request of any of the authorities?
All of the above
Test your knowledge on Look Out Circular (LOC) and understand the role of the Department of Financial Services (DFS), Ministry of Finance in authorizing the opening of LOCs. Learn about the definition of a person and entity in relation to LOC requests.
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