Operating lease remittances for aircraft permitted after verification of civil aviation approvals, while purchase-option leases need prior central bank approval. Authorised dealers may remit lease rentals and open letters of credit as security deposits for import of aircraft, engines or helicopters on operating lease after verifying requisite approvals from civil aviation authorities; financial leases with purchase options continue to require prior Reserve Bank approval under the Foreign Exchange Management framework.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Operating lease remittances for aircraft permitted after verification of civil aviation approvals, while purchase-option leases need prior central bank approval.
Authorised dealers may remit lease rentals and open letters of credit as security deposits for import of aircraft, engines or helicopters on operating lease after verifying requisite approvals from civil aviation authorities; financial leases with purchase options continue to require prior Reserve Bank approval under the Foreign Exchange Management framework.
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