The International Financial Service Centres Authority vide its notification dated 12th January 2021 has decided to extend the timeline for seeking public comments on the consultation paper on proposed International Financial Services Centres Authority (Aircraft Leasing) Regulations to January 18, 2021.
Comments may be forwarded by email to Mr. Ashutosh Sharma, General Manager, IFSCA on the email at (sharma.ashutosh@ifsca.gov.in) by January 18, 2021.
Key Highlights from the regulation.
- Any eligible entity, desirous of setting up or registering as a Lessor shall submit an application in the form and manner as may be specified by the Authority and the entity for the time being controlling the unit shall be located in a Financial Action Task Force compliant jurisdiction and a minimum capital of USD 200,000 or its equivalent in freely convertible foreign currency, is to be maintained at all times by the applicant at the IFSC unit.
- A Lessor may also include a bank, a non-banking finance company, a leasing finance company or an operating lessor and other entities as specified by the Authority
- A Lessor may conduct its business in an International Financial Services Centre in any mode as permitted by the Authority, including through a subsidiary or a special purpose vehicle or LLP.
- The Lessor shall be required to furnish information relating to its operations to the Authority in such manner and form and at such intervals as may be specified by the Authority.
- The Lessor shall maintain its books of accounts, records and documents, in such foreign currency as may be declared by the applicant entity at the time of making an application under these regulations.
