The Central Government vide notification dated 27th July , 2020 has issued the Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2020. The amendment empowers the RBI to issue such directions, circulars, instructions, clarifications necessary for effective implementation of the provisions of these rules, without consulting the central government.
The amendment also provides that Air Operator Certificate to operate Scheduled Air Transport Services (including Domestic Scheduled Passenger Airline or Regional Air Transport Service) shall be granted only to such company or a body corporate, –
- Which is registered and has its principal place of business within India;
- Whose Chairman and at least two-thirds of its Directors are citizens of India; and
- Whose substantial ownership and effective control is vested in Indian nationals
Click here to read the amendment.
