Clause 16

by inserting, immediately after the words “Sixth Schedule” in paragraph (a)(i) and (ii), the words “unless otherwise provided under paragraph (aa)”; and

by inserting, immediately after paragraph (a), the following paragraph:“(aa)for the purposes of paragraph (a), in the case of any aircraft which is acquired on or after 1st March 1995 by a leasing company carrying on the business of offshore leasing within the meaning of section 43I, the number of years of working life of the aircraft specified in the Sixth Schedule may, on the application of the leasing company, be extended irrevocably for such period not exceeding 20 years as approved by the Minister or such person as he may appoint;”.