The Government issued directions to deal with wilful bank loan defaulters or fugitive economic offenders.
For this a Look Out Circular (LOC) can be opened by the Bureau of Immigration in respect of Indian citizens and foreigners on the request of an authorized 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; or District Magistrates; or Superintendents of Police; or designated officers of various law enforcing and security agencies; or designated officer of Interpol; or Chairman/Managing Director/Chief Executive of all Public Sector Banks; or as per directions of any Criminal Court in India.
The Immigration Authorities can detain as well as prevent any person, including a willful defaulter, from leaving India against whom LOC has been issued. Bureau of Immigration has opened 83 LoCs till now at the behest of banks.
Fugitive Economic Offenders Act, 2018 has been enacted for effective action against economic offenders fleeing Indian jurisdiction.
It provides for attachment and confiscation of property of fugitive economic offenders and disentitles them from defending any civil claim. Further, Government has advised Public Sector Banks to obtain certified copy of the passport of promoters/directors and other authorised signatories of companies availing of loan facilities of more than Rs.50 crore.
This was stated by the Minister of State for Home Affairs, Shri Nityanand Rai in a written reply to question in the Rajya Sabha today.
- Standard Operating Procedure for verification of taxpayers granted deemed GST registration
- Income Tax prosecution proceedings to be clubbed for different complaints on same material, evidence
- Govt. constitutes advisory board u/s 8 of COFEPOSA for proceedings related to detention orders
- CBDT to validate UDIN generated from ICAI portal at the time of upload of Tax Audit Reports
- Cash deposits out of sale of opening stock not unexplained income High Court upheld ITAT
addition u/s 68 budget 2017-18 ca misconduct cash deposit in bank CBDT cbdt circular CBDT Instruction cbdt notification cbdt order cbdt press release cgst circular cgst notification cit revision 263 concealment penalty covid-19 custom circular demonetisation due date extension e-way bill faq GST circular GST Council Meeting gst faq gstr-1 GSTR-3B GST rates gst refund IBBI income tax prosecution itat ITAT Delhi mca circular MCA notification order u/s 119 penalty 271(1)(c) penalty u/s 271(1)(c) Press Release reasons recorded reopening 148 Reopening us 147 sebi circular transfer and postings unexplained cash credits validity of notice u/s 148 Withdrawal of 2000 500 Bank Notes