Govt to ratify Cape Town Convention; will boost aircraft leasing activities in India: Official
Cape Town Convention that mainly pertains to leasing of aircraft will soon get legal backing in the country with the Union Cabinet recently approving a bill in this regard, according to a senior official. India is one of the world's fastest growing civil aviation markets and domestic carriers have placed orders for more than 1,200 planes.
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The bill to ratify the Cape Town Convention to promote the leasing business of aircraft has been approved by the Union Cabinet, Civil Aviation Secretary Vumlunmang Vualnam said on Tuesday and added that it will go to the Parliament for approval.
«We are hopeful that sooner than later Cape Town Convention will have the legal backing in India and become enforceable greatly supporting leasing and acquiring of aircraft,» he said at a conference in Greater Noida.
He was speaking at the International Conference on Air Mobility organised by industry body CII along with the civil aviation ministry.
Last week, the Cabinet cleared the Protection and Enforcement of Interests in Aircraft Objects Bill. It seeks to enforce the provisions of the Convention on International Interests in Mobile Equipment (Cape Town Convention), and Protocol on Matters Specific to Aircraft Equipment (Cape Town Protocol).
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