The International Financial Service Centres Authority on 19th February 2021 has published a framework for Aircraft Operating Lease which shall be applicable to all the entities engaging in one or more of the permissible activities under this framework.
A lessor in IFSCs shall be permitted to Operating lease for an aircraft lease arrangement including sale and lease back, purchase, novation, transfer, assignment, and such other similar transactions in relation to aircraft lease or any other related activity with the prior approval of the IFSCA
A minimum capital of USD 2, 00,000 or its equivalent in freely convertible foreign currency, is to be maintained at all times by the entity.
No applicant shall act as a lessor in an IFSC in India unless it has obtained a certificate of registration from the IFSCA under this framework and every lessor registered under this framework shall maintain its books of accounts, records, and documents as may be required. The books of accounts and other financial information shall be maintained in such foreign currency, as may be declared at the time of making the application.
