New aircraft rule to give lessors greater confidence: Govt
Having a deadline of five working days for giving permission to fly back de-registered aircraft to their respective jurisdictions will help in giving lessors greater confidence and ensure speedy transfer of the plane, the government said on Thursday.
Under a new provision under Aircraft Rules, 1937, the lessor upon cancellation of registration of an aircraft can approach the government for permission to export the plane within five working days.
The same has been published in the gazette for pre-publication consultation on October 21, Civil Aviation Minister Ashok Gajapathi Raju told the Lok Sabha.
“The amendment will help in giving greater confidence to lessors by ensuring speedy transfer of de-registered aircraft, help in reducing lease rental and increasing the availability of lessors.