Registration of Indian chartered foreign vessels.

Any foreign vessel chartered on a bareboat charter-cum-demise contract by an Indian charterer may be registered under this Part in such manner and subject to such conditions as may be prescribed. Explanation.--For the purposes of this section, "bareboat charter-cum-demise" means a bareboat charter where the ownership of the vessel is intended to be transferred after a specified period to the charterer to whom it has been chartered.