Import of Aircraft on Operating Lease - Security Deposits

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....s invited to the A.P. (DIR Series) Circular No.24 dated March 1, 2002 wherein ADs have been permitted to remit lease rentals and open letter of credit (LC) towards security deposit for acquisition of aircraft by airline companies on operating lease. 2. Airline companies in India have been approaching the Reserve Bank to allow remittances towards security deposit with lessor for payment of lease ....

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....dia against the counter-guarantee of a reputed international bank abroad subject to following conditions: (i) The AD is satisfied about the bona fides of the transaction. * The airline company has obtained necessary approval from appropriate authority like Ministry of Civil Aviation/Director General of Civil Aviation, Government of India for importing the aircraft/helicopter on operating lease.....