Aircraft Leasing Regulations
What is it?
- India is poised to become the 3rd largest aviation market in the world by 2022.
- In January 2019, India’s Ministry of Civil Aviation published a report, ‘Project Rupee Raftar’, that provided roadmap to developing an aircraft financing and leasing industry in India.
- The report identified International Financial Services Centre (GIFT city) for developing aircraft leasing and financing eco-system in the country.
- On 16th October, 2020, Government of India , on the recommendation of International Financial Services Centres Authority (IFSCA), had notified ‘Aircraft lease which shall include operating and financial lease and any hybrid of operating and financial lease of aircraft or helicopter and engines of aircraft or helicopter or any part thereof’ as a financial product under International Financial Services Centres Authority Act, 2019.
- Considering, Aircraft leasing is a relatively new industry in India and Aircraft Leasing related regulations are different across various financial centres, IFSCA has prepared draft regulations for Aircraft Leasing and in order to get inputs from stakeholders as well as public comments.
- Based on the comments from public, authority would finalize the regulations and provide framework for Aircraft leasing entities to set up operations in IFSC.
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