Question

    According to the IFSCA Circular on Off-Shoring the

    On-Shore (May 2024), under what condition is a finance company with a Certificate of Registration (CoR) prohibited from engaging in ship or vessel leasing transactions?
    A When the ship or vessel is leased to a person residing outside India Correct Answer Incorrect Answer
    B When the ship or vessel is transferred to a person residing in India Correct Answer Incorrect Answer
    C When the ship or vessel is transferred to a non-resident Indian (NRI) Correct Answer Incorrect Answer
    D When the ship or vessel is used for international trade Correct Answer Incorrect Answer
    E When the ship or vessel is registered under a foreign flag Correct Answer Incorrect Answer

    Solution

    The circular restricts finance companies registered under the FC Regulations from engaging in transactions involving the transfer of ownership or leasehold rights of ships or vessels if the transfer is to a person resident in India.

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