Amendment to the ‘Framework for Ship Leasing’

IFSCA has issued amendment to the ‘Framework for Ship Leasing’ and relevant circulars. It has been decided to replace clause 3.L on Currency for Conduct of Business, of the Framework, with the following with immediate effect:

1. The lessor shall raise invoice for the permissible activities under the framework in any foreign currency specified in the first schedule to the IFSCA (Banking Regulations), 2020 and receive payment against such invoice in its foreign currency account held with an IFSC Banking Unit.
2. The lessor may open an SNRR account with an authorised dealer in India (outside IFSC) under the provisions of schedule 4 of the Foreign Exchange Management (Deposit) Regulations, 2016, for its business related transactions outside IFSC.