India will consider an open sky agreement for flights within 5,000 km: Oman Air
The Dollar Business Bureau India has plans to have an open sky agreement with the nations, which are within the radius of 5,000 km, said Oman Air Chief Executive Officer (CEO) Paul Gregorowitsch on Thursday. An open sky agreement refers to an agreement between two nations to allow each other airlines to have an unlimited number of flights, seats, etc between the two countries. “If the current policy of the Indian Government is to also consider an open sky (agreement) for those destinations which are within 5,000 kilometres materialises, in the next two years, then it will automatically (provide us) a more level environment,” said Gregorowitsch, while briefing a media round table in New Delhi. He was confident that the measure could be put ...
Govt exempts import of aircraft and its parts, taken on lease, from GST
The Dollar Business Bureau The Government has exempted import of aircrafts, its engines and parts, taken on lease, from the Goods and Services Tax (GST), a move that is seen as a relief to the domestic aviation industry. Under the new GST regime, implemented on July, the aircrafts imported on the basis of lease has attracted an integrated GST (iGST) of 5%. The airline industry had been urging the Government for a relief as it has to face a double levy of 5% at the time of importing and another tax of 5% at the time of paying for the lease rent. The Ministry of Civil Aviation has raised the industry’s concerns before the Department of Revenue on various occasions. In a notification released on ...
Iran signs $16.6 bn deal with Boeing to buy 80 planes
The Dollar Business Bureau Iran on Monday said it has finalised a deal of $16.8 billion with Boeing to buy 80 passenger planes, which is made possible by the landmark nuclear deal last year. According to the state-run news agency IRNA, 50 Boeing 737s and 30 Boeing 777s aircrafts would be delivered in next 10 years. This is the biggest deal to be signed by an American firm with Iran since the 1979 revolution and takeover of the US Embassy. In September 2016, the US granted approval to Boeing and its European counterpart Airbus for selling aircrafts to Iran worth billions of dollars. Last year, the US and other major powers of the world agreed to lift sanctions on Tehran in exchange for ...
Revival of unused airports will give a 5-fold rise to Indian Aviation industry
Revival of 350 unused airports will give a five-fold rise to Indian Aviation industry over the next few years, saidRN Choubey, Secretary, Ministry of Civil Aviation (MoCA) Sai Nikesh D | The Dollar Business Ashok Gajapathi Raju, Minister for Civil Aviation(MoCA) and R N Choubey, Secretary, MoCA, during the 5th International Exhibition & Conference on Civil Aviation- India Aviation 2016, in Hyderabad on Thursday Intended to take theAviation industry to greater heights, the Ministry of Civil Aviation, Government of India, in coordination with Federation of Indian Chambers of Commerce and Industry (FICCI), is hostingthe5thInternational Exhibition & Conference on Civil Aviation- India Aviation 2016, being held in Hyderabad between March 16-20, 2016. The second day of the event on Thursday witnessed an international conference, ...
Mahindra mulls to set up operations in UAE
Source: PTI Mahindra Aerospace aims to set up operations in the UAE in the near future, Chairman of the company S P Shukla has said. Speaking at the Global Aerospace Summit in Abu Dhabi, Shukla said Mahindra is currently the only Indian company that produces aircraft and sell them in 30 countries including in the US and in parts of Africa and Asia. He said Mahindra Aerospace aims to set up operations in Abu Dhabi in the near future. Mahindra Aerospace currently produces the Airvan 8, a rugged and versatile utility aircraft in its class. It is also developing a 10-seat turboprop, the Airvan 10, which is on schedule for certification, the company had said last year. Shukla said India, currently ...
China increases defence budget by 7.6%
The new increase, lower than last year's 10.1%, widens the gap further with the Indian defence budget which stood around $40 billion Source: PTI According to a budget report to the national legislature annual session, the government plans to raise the 2016 defence budget by 7.6 % to 954 billion yuan (about $ 146 billion) China on Saturday increased its defence budget by 7.6% to $146 billion for this year, citing militarisation of the Asia-Pacific, especially the disputed South China Sea, and deepening tensions with the US. The increase is the lowest in defence spending in six years in the wake of economic slowdown. China's GDP growth last year declined to the lowest in 26 years to 6.9%. Defending the increase in defence budget, ...
Remittance for Import of aircrafts/helicopters/other aviation related purchases
Dated November 26th, 2015 | Copy of | Circular No.30 26/11/2015 | To, All Authorised Dealer Category-I Banks Attention of Authorised Dealers Category-I (AD Category-I) banks is invited to clause 3(f) of A. P. (DIR Series) Circular No.77 dated June 29, 2007, in terms of which AD Category I banks could allow advance remittance, without bank guarantee or an unconditional, irrevocable standby letter of credit up to USD 50 million, in the case of import of aircrafts/helicopters/other aviation related purchases by scheduled air transport operators permitted by the Director General of Civil Aviation (DGCA), after ensuring that the requisite approval of the Ministry of Civil Aviation (MoCA)/ DGCA / other agencies in terms of the extant Foreign Trade Policy, had been obtained by ...
