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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Import of aircraft on operating leases: dealers may permit remittances and LCs without prior approval; purchase-option leases need RBI approval</h1> Authorised dealers may permit remittance of lease rentals, opening of letters of credit for security deposits and related payments for import of aircraft, aircraft engines or helicopters on operating lease basis upon verifying requisite approvals from appropriate authorities such as the Ministry of Civil Aviation/DGCA, thereby enabling such cross-border payments without prior central approval; by contrast, lease transactions that constitute financial leases (i.e., include an option to purchase the asset at lease end) remain subject to prior approval of the RBI, thereby continuing to require central authorisation before remittance.
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