Delhi High Court modifies LOC issued under Black Money Act from debarment of travel to intimation only

The Delhi High Court has modified the Look Out Circular (LOC) issued under the Black Money Act for a businessman involved in transferring funds to Hong Kong. The court converted the LOC from a travel ban to a simple intimation about the businessman's arrival and departure. The court stated that the businessman's case is not detrimental to the country's economic interests, as there are no allegations of siphoning off public funds.