Advance remittance for aircraft imports permitted where DGCA approval suffices, without requiring separate MoCA approval. Authorised Dealer Category I banks may permit advance remittance for import of aircrafts, helicopters and related aviation purchases without bank guarantee or an irrevocable standby letter of credit, where the importer has obtained DGCA approval under the extant Foreign Trade Policy for operating scheduled or non-scheduled air transport services; Ministry of Civil Aviation approval is not required. All other conditions of the earlier circular remain unchanged and banks must inform their constituents; directions are issued under FEMA and do not override other statutory permissions.
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.
Advance remittance for aircraft imports permitted where DGCA approval suffices, without requiring separate MoCA approval.
Authorised Dealer Category I banks may permit advance remittance for import of aircrafts, helicopters and related aviation purchases without bank guarantee or an irrevocable standby letter of credit, where the importer has obtained DGCA approval under the extant Foreign Trade Policy for operating scheduled or non-scheduled air transport services; Ministry of Civil Aviation approval is not required. All other conditions of the earlier circular remain unchanged and banks must inform their constituents; directions are issued under FEMA and do not override other statutory permissions.
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