Look Out Circular

It is a notice to stop any individual wanted by the police, investigating agency or even a bank from leaving or entering the country through designated land, air and sea ports.
The immigration is tasked to stop any such individual against whom such a notice exists from leaving or entering the country.

A large number of agencies which includes the Central Bureau of Investigation (CBI), Enforcement Directorate, Directorate of Revenue Intelligence (DRI), Income Tax, State police and intelligence agencies are authorised to generate LOCs.
The officer should not be below the rank of a district magistrate or superintendent of police or a deputy secretary in the Union Government.

Details such as First Information Report (FIR) number, court case number are to be mandatorily provided with name, passport number and other details.
The (Bureau of Immigration ) BOI under the MHA is only the executing agency. They generate LOCs based on requests by different agencies.
Since immigration posts are manned by the BOI officials they are the first responders to execute LOCs by stopping or detaining or informing about an individual to the issuing agency. The LOCs can be modified; deleted or withdrawn only at the request of the originator
- The chairman, managing director and chief executives of all public sector banks can generate LOCs against persons who could be detrimental to economic interests of the country.
- Police and intelligence agencies can generate LOCs in “exceptional cases” without keying in complete parameters or case details against “suspects, terrorists, anti-national elements, etc, in larger national interest.”

Reference:

Today Current Affairs Upsc Exam Syllabus & Previous Yearpaper.