{"id":267194,"date":"2022-05-20T15:30:04","date_gmt":"2022-05-20T10:00:04","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=267194"},"modified":"2022-05-20T12:19:47","modified_gmt":"2022-05-20T06:49:47","slug":"ifsca-issues-framework-for-aircraft-lease","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/20\/ifsca-issues-framework-for-aircraft-lease\/","title":{"rendered":"IFSCA issues framework for Aircraft Lease"},"content":{"rendered":"<p style=\"text-align: justify;\">On May 18, 2022, the International Financial Services Centres Authority has specified the Framework for Aircraft lease\u00a0<span id=\"page29R_mcid47\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"> for<\/span><\/span><span id=\"page29R_mcid48\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">entities to get<\/span><\/span><span id=\"page29R_mcid49\" class=\"markedContent\"><\/span><span id=\"page29R_mcid50\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">registered<\/span><\/span><span id=\"page29R_mcid51\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">under Finance <\/span><\/span><span id=\"page29R_mcid52\" class=\"markedContent\"><\/span><span id=\"page29R_mcid53\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Company Regulations<\/span><\/span><span id=\"page29R_mcid54\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">as a<\/span><\/span><span id=\"page29R_mcid55\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">\u2018<\/span><\/span><span id=\"page29R_mcid56\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Finance Company<\/span><\/span><span id=\"page29R_mcid57\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u2019<\/span><\/span><span id=\"page29R_mcid58\" class=\"markedContent\"><\/span><span id=\"page29R_mcid59\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">or a<\/span><\/span><span id=\"page29R_mcid60\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">\u2018<\/span><\/span><span id=\"page29R_mcid61\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Finance Unit<\/span><\/span><span id=\"page29R_mcid62\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u2019<\/span><\/span><span id=\"page29R_mcid63\" class=\"markedContent\"><\/span><span id=\"page29R_mcid64\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">for<\/span><\/span><span id=\"page29R_mcid65\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">undertaking aircraft <\/span><\/span><span id=\"page29R_mcid66\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">lease transactions.<\/span><\/span><span id=\"page29R_mcid67\" class=\"markedContent\"><\/span><\/p>\n<h4>Key points:<\/h4>\n<ul>\n<li style=\"text-align: justify;\"><strong>Applicability<\/strong>: <span id=\"page29R_mcid74\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">all applicants<\/span> <span dir=\"ltr\" role=\"presentation\">desirous of<\/span> <span dir=\"ltr\" role=\"presentation\">seeking registration for<\/span> <span dir=\"ltr\" role=\"presentation\">one or more <\/span><span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">the permissible activities.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><strong>Application for Registration<\/strong>: <span id=\"page31R_mcid39\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">An applicant desirous of undertaking permissible activities as a Lessor shall submit<\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">an application form in the format specified in<\/span> <span dir=\"ltr\" role=\"presentation\">Annexure<\/span> <span dir=\"ltr\" role=\"presentation\">along with the application fees as specified in this Framework.<\/span><\/span><span id=\"page31R_mcid40\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<li><strong>Permissible Activities<\/strong>: <span id=\"page33R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">A<\/span> <span dir=\"ltr\" role=\"presentation\">L<\/span><span dir=\"ltr\" role=\"presentation\">essor shall be permitted to undertake<\/span> <span dir=\"ltr\" role=\"presentation\">all or<\/span> <span dir=\"ltr\" role=\"presentation\">any of<\/span> <span dir=\"ltr\" role=\"presentation\">the following activities:<\/span><\/span><span id=\"page33R_mcid7\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li><span id=\"page33R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Operating lease for an aircraft lease arrangement including sale and lease back, <\/span><span dir=\"ltr\" role=\"presentation\">purchase, novation, transfer, assignment, and such other similar transactions in <\/span><span dir=\"ltr\" role=\"presentation\">relation to aircraft<\/span> <span dir=\"ltr\" role=\"presentation\">lease<\/span><span dir=\"ltr\" role=\"presentation\">;<\/span><\/span><span id=\"page33R_mcid8\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page33R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Operating lease for<\/span> <span dir=\"ltr\" role=\"presentation\">an<\/span> <span dir=\"ltr\" role=\"presentation\">aircraft ground support equipment<\/span><span dir=\"ltr\" role=\"presentation\">;<\/span><\/span><span id=\"page33R_mcid9\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page33R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">A<\/span><span dir=\"ltr\" role=\"presentation\">sset<\/span> <span dir=\"ltr\" role=\"presentation\">Management Support S<\/span><span dir=\"ltr\" role=\"presentation\">ervices<\/span> <span dir=\"ltr\" role=\"presentation\">for assets owned or leased<\/span> <span dir=\"ltr\" role=\"presentation\">out by the<\/span> <span dir=\"ltr\" role=\"presentation\">entity or <\/span><span dir=\"ltr\" role=\"presentation\">by its wholly<\/span> <span dir=\"ltr\" role=\"presentation\">owned subsidiary<\/span> <span dir=\"ltr\" role=\"presentation\">(ies)<\/span> <span dir=\"ltr\" role=\"presentation\">set up in IFSCs in India<\/span>.<\/span><span id=\"page33R_mcid10\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ul>\n<li style=\"text-align: justify;\"><strong>Capital Requirement<\/strong>: <span id=\"page33R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">A<\/span> <span dir=\"ltr\" role=\"presentation\">minimum<\/span> <span dir=\"ltr\" role=\"presentation\">owned fund<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">USD<\/span> <span dir=\"ltr\" role=\"presentation\">200,000<\/span> <span dir=\"ltr\" role=\"presentation\">or<\/span> <span dir=\"ltr\" role=\"presentation\">its<\/span> <span dir=\"ltr\" role=\"presentation\">equivalent<\/span> <span dir=\"ltr\" role=\"presentation\">in<\/span> <span dir=\"ltr\" role=\"presentation\">freely<\/span> <span dir=\"ltr\" role=\"presentation\">convertible<\/span> <span dir=\"ltr\" role=\"presentation\">foreign <\/span><span dir=\"ltr\" role=\"presentation\">currency, is to be maintained at all times by the<\/span> <span dir=\"ltr\" role=\"presentation\">entity<\/span>.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On May 18, 2022, the International Financial Services Centres Authority has specified the Framework for Aircraft lease\u00a0 for entities to get registered <\/p>\n","protected":false},"author":8808,"featured_media":267195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-267194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IFSCA issues framework for Aircraft Lease | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/20\/ifsca-issues-framework-for-aircraft-lease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/flights.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/flights.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/flights.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/flights.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/flights.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":268667,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/18\/cbdt-notifies-tax-deductions-on-rent-of-aircraft-leased-out-by-ifsc-units-allowed-subject-to-conditions\/","url_meta":{"origin":267194,"position":1},"title":"CBDT notifies exemption of TDS on rent of \u2018aircraft\u2019 leased out by IFSC units on certain conditions","author":"Editor","date":"June 18, 2022","format":false,"excerpt":"On 16th June, 2022, the Central Board of Direct Taxes (CBDT) has exempted TDS on lease rentals under Section 194-I of Income Tax Act, 1961 paid to Aircraft Leasing Units vide notification no. 65\/2022\/F. 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