Master the Look Out Circular (LOC) Process and DFS's Role
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Questions and Answers

Who has been authorized to request opening of LOCs?

  • Ministry of Finance
  • Chairman / Managing Directors / Chief Executives of all Public Sector Banks (correct)
  • Department of Financial Services
  • Chiefs of PSBs

    • What is the definition of a 'Person' in relation to whom a request for LOC is being made?

  • A proprietor/partner/director/managing director/chairman
  • Any person in a position to control such entity by ownership or otherwise
  • An individual person (correct)
  • An entity

    • What is the definition of an 'Entity' in relation to a person requesting for LOC?

  • A proprietor/partner/director/managing director/chairman
  • An entity with no relation to the person
  • Any individual person
  • Any person in a position to control such entity by ownership or otherwise (correct)

    • Under what circumstances can the departure of a person from India be declined at the request of any of the authorities?

    <p>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</p> Signup and view all the answers

    What are the potential reasons for the departure of a person from India to be declined at the request of any of the authorities?

    <p>All of the above</p> Signup and view all the answers

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