What is Interpol's 'red notice' list; What Choksi's removal from it mean?

Indian fugitive businessman Mehul Chowksi has been removed from the red notice list by International Criminal Police Organization

A red notice should not be confused with an international arrest warrant.

A red notice is for those individuals who are wanted by the requesting member country, or international tribunal. The member countries apply their own laws in determining whether a person is a fugitive or not. 
 

A majority of red notices are restricted to law enforcement use only. The extracts from red notices are published at the request of the member country concerned and where the public’s help is required to locate an individual or if the individual may pose a threat to public safety.
 

Interpol General Secretariat regularly