Seksi - I Investasi Langsung Asing 1. Investasi Langsung Asing di India. Investasi Langsung PMA FDI di India. Diluar sesuai dengan Kebijakan FDI yang dirumuskan dan diumumkan oleh Pemerintah India Departemen Kebijakan dan Promosi Industri, Kementerian Perdagangan Dan Industri, Pemerintah India menerbitkan Buletin Kebijakan FDI Konsolidasi setiap tahunnya sejak tanggal 31 Maret setiap tahun sejak 2010 yang menguraikan kebijakan dan proses FDI di India. Laporan Kebijakan FDI Konsolidasi yang terbaru tertanggal 17 April 2014 tersedia di Domain publik dan dapat diunduh dari situs Kementerian Perdagangan dan Industri, Departemen Kebijakan Industri dan Promosi yang diatur oleh ketentuan Undang-Undang Pengelolaan Devisa FEMA, 1999 Peraturan FEMA yang menentukan antara lain cara investasi yaitu penerbitan atau Akuisisi saham konversi dan saham preferen saham, cara penerimaan dana, pedoman harga a D pelaporan investasi ke Reserve Bank Reserve Bank telah mengeluarkan Pemberitahuan No FEMA 20 2000-RB tertanggal 3 Mei 2000 yang berisi Peraturan dalam hal ini Pemberitahuan ini telah diubah dari waktu ke waktu.2 Rute masuk untuk investasi di India Di bawah Skema FDI Penanaman Modal Asing, investasi dapat dilakukan dalam saham, mandatily dan surat hutang konversi penuh dan saham preferen wajib dan saham konversi penuh 1 dari perusahaan India oleh bukan penduduk melalui dua rute. Rute Otomatis di bawah Rute Otomatis, yang asing Investor atau perusahaan India tidak memerlukan persetujuan dari Reserve Bank atau Pemerintah India untuk investasi tersebut. Rute Pemerintahan yang berada di bawah Rute Pemerintah, investor asing atau perusahaan India harus mendapatkan persetujuan terlebih dahulu dari Badan Promosi Penanaman Modal Asing Pemerintah Indonesia FIPB , Departemen Urusan Ekonomi DEA, Kementerian Keuangan atau Departemen Promosi Kebijakan Industri, sesuai dengan kasusnya Untuk investasi.3 Kelayakan untuk Investasi di India. A orang yang tinggal di luar India 2 atau entitas yang didirikan di luar India, dapat berinvestasi di India, tunduk pada Kebijakan FDI Pemerintah India Seseorang yang merupakan warga negara Bangladesh atau entitas Yang tergabung dalam Bangladesh dapat berinvestasi di India di bawah Skema FDI, dengan persetujuan terlebih dahulu dari FIPB Selanjutnya, orang yang merupakan warga negara Pakistan atau entitas yang didirikan di Pakistan, dapat, dengan persetujuan terlebih dahulu dari FIPB, dapat berinvestasi dalam sebuah Perusahaan India yang berada di bawah Skema FDI, dengan tunduk pada larangan yang berlaku untuk semua investor asing dan perusahaan India, menerima investasi langsung asing tersebut, tidak boleh terlibat dalam kegiatan sektor yang berkaitan dengan pertahanan, ruang dan energi atom. NRI, yang tinggal di Nepal dan Bhutan sebagai Serta warga Nepal dan Bhutan diizinkan untuk berinvestasi dalam saham dan obligasi konversi perusahaan India di bawah Skema FDI secara repatriasi, dengan syarat bahwa jumlah tersebut Pertimbangan untuk investasi semacam itu harus dibayar hanya dengan cara pengiriman uang ke dalam dalam bentuk bebas devisa melalui jalur perbankan normal. Badan-badan Korporasi Luar Negeri OCB telah diakui sebagai kelas investor di India yang berlaku mulai tanggal 16 September 2003. Sementara OCB yang Yang tergabung di luar India dan tidak mendapat pemberitahuan buruk dari Reserve Bank dapat melakukan investasi baru berdasarkan Skema FDI sebagai entitas non-residen yang didirikan, dengan persetujuan terlebih dahulu dari Pemerintah India, jika investasi tersebut melalui Route Pemerintah dan dengan yang sebelumnya Persetujuan dari Reserve Bank, jika investasinya melalui jalur otomatis Namun, sebelum melakukan FDI segar di bawah skema FDI, OCB sebelumnya harus melalui bank AD mereka, mengambil sertifikasi satu kali dari RBI bahwa hal itu tidak dalam daftar yang merugikan Dipertahankan dengan Reserve Bank of India. ADs juga harus memastikan bahwa OCB tidak memelihara akun selain akun lancar NRO sesuai dengan peraturan Sesuai peraturan AP DIR Seri Edaran No 14 tanggal 16 September 2003 Selanjutnya, akun NRO ini tidak boleh digunakan untuk investasi baru di India Setiap permintaan baru untuk pembukaan rekening giro NRO untuk melikuidasi investasi sebelumnya yang dilakukan tanpa pungutan harus dilakukan. Diteruskan oleh bank AD ke Departemen Devisa, Reserve Bank of India, Kantor Pusat, Mumbai Namun, AD tidak boleh menutup kategori akun lainnya NRE FCNR NRO untuk OCB yang berada dalam daftar merugikan Reserve Bank of India Akun ini adalah untuk Dikelola oleh bank AD masing-masing dalam status beku.4 Jenis instrumen. Perusahaan India dapat menerbitkan saham ekuitas, obligasi wajib konversi sepenuhnya dan wajib, saham preferen dan waran yang dapat disesuaikan secara penuh dan mandat, sesuai dengan pedoman harga norma penilaian dan persyaratan pelaporan Antara persyaratan lain seperti yang ditentukan di bawah Regulasi FEMA. ii Sejauh menyangkut surat-surat hutang, hanya yang sepenuhnya dan mandator Jika dikonversi menjadi ekuitas, dalam waktu yang ditentukan, akan diperhitungkan sebagai bagian dari ekuitas berdasarkan Kebijakan FDI. Sebelum 30 Desember 2013, penerbitan jenis saham preferen lainnya seperti yang tidak dapat dikonversi, dapat dikonversi secara opsional atau sebagian dapat dikonversi, adalah Sesuai dengan pedoman yang berlaku untuk Pinjaman Komersial Komersial Eksternal Pada dan dari tanggal 30 Desember 2013 telah diputuskan bahwa klausulitas opsional dapat mulai diizinkan dalam saham ekuitas dan obligasi wajib pakai preferen wajib dan wajib untuk diterbitkan kepada orang yang tinggal di luar India di bawah Skema FDI PMA Asing Klausul opsional akan mewajibkan pembelian kembali sekuritas sekuritas dari investor dengan harga yang berlaku yang ditentukan pada saat pelaksanaan pilihan sehingga memungkinkan investor untuk keluar tanpa imbalan pasti. Penyisihan Klausa opsional harus tunduk pada kondisi berikut. A Ada periode lock-in minimal satu tahun atau periode lock-in minimum seperti yang ditentukan dalam Peraturan FDI, mana yang lebih tinggi misalnya sektor pengembangan pertahanan dan konstruksi dimana periode lock-in tiga tahun telah ditentukan. Kunci Periode berlaku sejak tanggal penjatahan saham atau obligasi konversi tersebut atau yang ditentukan untuk sektor pertahanan dan pembangunan konstruksi, dan lain-lain dalam Lampiran B pada Jadwal 1 Pemberitahuan Tidak FEMA 20 sebagaimana telah diubah dari waktu ke waktu. B Setelah masa lock-in, seperti yang berlaku di atas, investor non-residen yang menggunakan hak opsi berhak untuk keluar tanpa imbalan pasti, seperti di bawah. I Dalam hal perusahaan yang terdaftar, investor non-penduduk berhak untuk keluar dengan harga pasar yang berlaku di bursa efek yang diakui. Ii Dalam hal perusahaan yang tidak terdaftar, 3 pada tanggal 8 Juli 2014, investor non-penduduk berhak untuk keluar dari investasi pada saham ekuitas perusahaan investee dengan harga sesuai dengan metodologi harga yang berlaku secara internasional berdasarkan jangka panjang, sepatutnya Yang disertifikasi oleh Chartered Accountant atau SEBI yang terdaftar sebagai Merchant Banker. Prinsip panduannya adalah bahwa investor non-resident tidak menjamin harga keluar yang pasti pada saat melakukan perjanjian investasi tersebut dan harus keluar pada harga wajar yang dihitung seperti di atas, pada Waktu keluar, tunduk pada persyaratan periode lock-in, seperti yang berlaku.4 Perusahaan India mencatat dalam buku-bukunya setiap pengalihan sahamnya atau surat hutang konversi dengan cara penjualan dari penduduk ke non-residen dan non - Penduduk ke penduduk harus mengungkapkan di neraca untuk tahun buku, di mana transaksi tersebut terjadi, rincian penilaian saham atau obligasi konversi, metodologi penetapan harga diadopsi untuk yang sama S serta agen yang telah memberikan sertifikasi penilaiannya. Bagian pembayaran saham yang disetor dengan baik. Dengan berlakunya formulir 8 Juli 2014, sebagian instrumen pembayaran juga telah diaktifkan sebagai instrumen yang sesuai dengan persyaratan FDI. Penentuan harga saham ekuitas sebagian harus Ditentukan dimuka dan 25 dari total jumlah pertimbangan termasuk premi saham, jika ada, juga harus diterima dimuka Pertimbangan saldo terhadap saham ekuitas yang disetor penuh akan diterima dalam jangka waktu 12 bulan. Jangka waktu untuk menerima pertimbangan saldo dalam 12 Bulan tidak akan berkeras bahwa di mana ukuran masalah melebihi Rupee lima ratus crore dan penerbit mematuhi Peraturan 17 SEBI tentang Persyaratan Modal dan Keterbukaan Peraturan ICDR mengenai badan pemantau Demikian pula, dalam kasus perusahaan India yang tidak terdaftar, jumlah pertimbangan saldo Dapat diterima setelah 12 bulan di mana ukuran masalah melebihi Rupee lima ratus crores Namun, investee comp Setiap harus menunjuk sebuah badan pemantau pada baris yang sama seperti yang dipersyaratkan dalam kasus perusahaan India yang terdaftar berdasarkan Peraturan SEBI ICDR Lembaga pemantau tersebut AD Kategori -1 bank harus melapor ke perusahaan investee sebagaimana ditentukan oleh peraturan SEBI, ibid, untuk yang terdaftar Perusahaan. Harga waran dan formula konversi harga harus ditentukan dimuka dan 25 dari jumlah pertimbangan juga harus diterima dimuka. Pertimbangan saldo terhadap saham ekuitas yang disetor penuh akan diterima dalam jangka waktu 18 bulan. Harga pada saat itu Dari konversi sebaiknya tidak lebih rendah dari nilai wajar yang berhasil, pada saat penerbitan waran tersebut, sesuai dengan Peraturan FEMA yang masih ada dan pedoman penetapan harga yang ditetapkan oleh RBI dari waktu ke waktu Dengan demikian, perusahaan Investee bebas Menerima pertimbangan lebih dari harga yang telah disepakati sebelumnya. Kondisi tambahan untuk penerbitan sebagian saham dan waran. Sebuah perusahaan India yang sektor kegiatannya berada di bawah rute pemerintah akan memerlukan persetujuan terlebih dahulu dari Badan Promosi Penanaman Modal Asing FIPB, Pemerintah India untuk menerbitkan sebagian waran saham yang dibayar sebagian. B Penyitaan jumlah uang muka yang dibayar dimuka atas tidak membayar uang panggilan harus sesuai dengan ketentuan Undang-Undang Perusahaan, 2013 dan ketentuan pajak penghasilan, sebagaimana berlaku. C Perusahaan saat menerbitkan sebagian saham atau waran harus memastikan bahwa tutup sektoral tidak dilanggar bahkan setelah saham mendapat pembayaran penuh atau waran dikonversi menjadi saham dengan ekuitas penuh Demikian pula, investor non-penduduk yang mengakuisisi sebagian saham berbayar atau konversi Surat hutang atau waran harus memastikan bahwa tutup sektoral tidak dilanggar bahkan setelah saham dilunasi atau warannya dikonversi menjadi saham ekuitas yang disetor penuh. D Penundaan pembayaran jumlah pertimbangan atau kekurangan dalam menerima jumlah pertimbangan sesuai pedoman penetapan harga yang berlaku oleh investor asing tidak akan tercakup dalam pedoman ini sehingga dapat diperlakukan sebagai bagian dari sebagian saham dan waran yang dibayar. Dengan demikian, perusahaan Investee di bawah Pedoman untuk penerbitan transfer waran sebagian, harus memenuhi persyaratan dalam Undang-undang Perusahaan, 2013 untuk penerbitan sebagian saham dan waran yang dibayar sebagian.5 Pedoman penetapan harga. Harga penerbitan baru Harga saham segar yang dikeluarkan untuk penduduk penduduk Di luar India berdasarkan Skema FDI, akan menjadi dasar pedoman SEBI jika ada perusahaan yang terdaftar. Tidak kurang dari nilai wajar saham yang ditentukan oleh SEBI yang terdaftar sebagai Merchant Banker atau Chartered Accountant sesuai dengan metodologi harga yang berlaku secara internasional Dasar arm s. Pedoman penetapan harga seperti di atas tunduk pada pedoman harga sebagaimana disebutkan pada paragraf di atas, untuk keluar Dari FDI dengan klausul opsional oleh investor non-penduduk. Pedoman penetapan harga di atas juga berlaku untuk penerbitan saham yang bertentangan dengan pembayaran secara lump sum teknis bagaimana biaya royalti karena pelunasan pembayaran atau konversi ECB menjadi ekuitas atau kapitalisasi beban penggabungan usaha sebelum pajak Dengan persetujuan Pemerintah sebelumnya.5 Diklarifikasi bahwa di mana pertanggungjawaban yang ingin dikonversi oleh perusahaan tersebut dalam mata uang asing seperti dalam kasus ECB, impor barang modal, dan lain-lain, hal itu akan berlaku untuk menerapkan nilai tukar yang berlaku pada Tanggal perjanjian antara pihak-pihak yang berkepentingan dengan konversi tersebut Reserve Bank tidak akan berkeberatan jika perusahaan peminjam ingin menerbitkan saham biasa dengan jumlah rupee kurang dari yang sampai pada seperti yang disebutkan di atas oleh kesepakatan bersama dengan pemberi pinjaman ECB. Mencatat bahwa nilai wajar dari saham ekuitas yang akan diterbitkan harus dikerjakan dengan mengacu pada tanggal konversi saja. Selanjutnya diklarifikasi Bahwa asas penghitungan INR equivalent untuk suatu kewajiban dalam mata uang asing sebagaimana dimaksud pada ayat 3 di atas berlaku, mutatis mutandis terhadap semua kasus dimana kewajiban hutang oleh perusahaan India seperti, royalti biaya lump sum, dan lain-lain diizinkan untuk Dikonversi ke saham ekuitas atau sekuritas lainnya yang akan diterbitkan ke warga non-penduduk sesuai dengan persyaratan yang ditetapkan dalam Peraturan masing-masing. Dimana non-penduduk termasuk NRI melakukan investasi di perusahaan India sesuai dengan ketentuan Undang-Undang Perusahaan, 1956, Dengan cara berlangganan Memorandum of Association-nya, investasi semacam itu dapat dilakukan dengan nilai nominal sesuai dengan kelayakan mereka untuk berinvestasi dalam skema FDI. Perizinan pemilahan Dalam hal terjadi penerbitan saham preferen istimewa, harga penerbitan tidak boleh kurang dari itu. Harga yang berlaku untuk pengalihan saham dari penduduk ke bukan penduduk. Penawaran saham oleh SEZ terhadap impor barang modal. Dalam hal ini, Penilaian saham harus dilakukan oleh Komite yang terdiri dari Komisaris Pembangunan dan pejabat Bea Cukai yang sesuai. Harga Saham Harga saham yang ditawarkan berdasarkan hak oleh perusahaan India kepada pemegang saham non-residen adalah. Dalam kasus saham perusahaan yang terdaftar Pada bursa efek yang diakui di India, dengan harga yang ditentukan oleh perusahaan. Dalam kasus saham perusahaan yang tidak terdaftar di bursa efek yang diakui di India, dengan harga yang tidak kurang dari harga di mana penawaran tersebut dilakukan Hak dibuat untuk pemegang saham penduduk. Pengambilalihan kepemilikan saham yang ada private arrangement Pengambilalihan saham yang ada dari Residen menjadi Bukan Penduduk yaitu menjadi entitas non-residen selain dari OCB, orang asing, NRI, FII akan berada di a. Harga yang dinegosiasikan untuk saham perusahaan yang terdaftar di bursa efek yang diakui di India yang tidak boleh kurang dari harga dimana pembagian saham preferen dapat dilakukan berdasarkan pedoman SEBI, sebagaimana berlaku, yang diberikan sama ditentukan untuk jangka waktu seperti Yang tercantum di dalamnya, sebelum tanggal yang relevan, yang akan menjadi tanggal pembelian atau penjualan saham Harga per saham tiba harus disertifikasi oleh SEBI yang terdaftar Merchant Banker atau Chartered Accountant. B harga yang dinegosiasikan untuk saham perusahaan yang tidak terdaftar di bursa efek yang diakui di India yang nilainya tidak lebih rendah dari nilai wajarnya sesuai dengan metodologi penentuan harga yang berlaku secara internasional untuk penilaian saham secara arm s, yang disertifikasi oleh Chartered Accountant atau SEBI registered Merchant Banker. Selanjutnya, pengalihan saham yang ada oleh bukan penduduk yaitu oleh badan usaha bukan penduduk, terlebih dahulu OCB, NRI, NRI, FII ke Bumi tidak lebih dari harga minimum dimana transfer Saham dapat dibuat dari penduduk ke non-residen seperti yang diberikan di atas. Harga saham preferen saham preferen konversi harus diputuskan ditentukan di muka pada saat diterbitkannya instrumen Harga untuk instrumen konversi juga dapat ditentukan berdasarkan Pada formula konversi yang harus ditentukan fixed infront, namun harga pada saat konversi tidak boleh kurang dari nilai wajar yang berhasil, pada Waktu penerbitan instrumen ini, sesuai dengan peraturan FEMA yang ada. Pedoman penetapan harga seperti di atas, tunduk pada pedoman penetapan harga seperti yang disebutkan pada paragraf di atas, untuk keluar dari FDI dengan klausul opsional oleh investor bukan penduduk.6 Mode Pembayaran Perusahaan India yang menerbitkan saham convertible debentures di bawah Skema FDI kepada orang yang tinggal di luar India akan menerima sejumlah pertimbangan yang harus dibayar untuk saham konversi tersebut oleh. Saya menerima remittance melalui jalur perbankan normal. Ii mendebet ke akun NRE FCNR dari orang yang terkait dengan bank kategori AD. I konversi royalty lump sum technical mengetahui bagaimana biaya yang harus dibayar untuk pembayaran impor barang modal oleh unit di KEK atau konversi ECB, diperlakukan sebagai pertimbangan untuk penerbitan saham. Iv konversi hutang impor sebelum penggabungan biaya pertukaran saham dapat dianggap sebagai pertimbangan penerbitan saham dengan persetujuan FIPB. V debit ke rekening Escrow tanpa bunga dengan Rupee India di India yang dibuka dengan persetujuan bank AD Kategori I dan dikelola dengan bank Kategori Kategori I atas nama warga dan bukan penduduk terhadap pembayaran pertimbangan pembelian saham. Saham atau surat hutang konversi tidak diterbitkan dalam waktu 180 hari sejak tanggal diterimanya pengiriman uang masuk atau tanggal debit ke rekening NRE FCNR B Escrow, jumlah pertimbangan akan dikembalikan. Selanjutnya, Reserve Bank dapat mengajukan permohonan yang diajukan kepadanya. Dan untuk alasan yang cukup, ijinkan sebuah Perusahaan India untuk mengembalikan saham membagikan jumlah pertimbangan yang diterima terhadap masalah keamanan jika jumlah tersebut beredar di luar periode 180 hari sejak tanggal diterimanya.7 Batas-batas Investasi Asing, Sektor Terlarang dan investasi di Batasan Investasi Asing. Rincian jalur masuk yang berlaku dan batas maksimum investasi sektoral yang diperbolehkan di Perusahaan India adalah determinasi. Ned oleh sektor di mana ia beroperasi Rincian rute masuk yang berlaku bersamaan dengan penempatan sektoral untuk investasi asing di berbagai sektor diberikan pada Lampiran -1.b Investasi pada perusahaan Mikro dan Usaha Kecil MSE. A yang diperhitungkan sebagai Mikro Dan Small Enterprise MSE Unit Industri Skala Kecil sebelumnya dalam hal Pengembangan Usaha Mikro, Usaha Kecil dan Menengah, MSMED Act, 2006, termasuk Unit Berorientasi Ekspor atau Unit di Zona Perdagangan Bebas atau di Zona Pemrosesan Ekspor atau di Taman Teknologi Perangkat Lunak atau di Sebuah Electronic Hardware Technology Park, dan yang tidak terlibat dalam sektor kegiatan apapun yang disebutkan dalam Lampiran 2 dapat menerbitkan saham atau obligasi konversi kepada orang yang tinggal di luar India selain penduduk Pakistan dan penduduk Bangladesh di bawah rute persetujuan, tergantung pada Batasan yang ditentukan sesuai Kebijakan FDI, sesuai dengan Rute Masuk dan ketentuan Kebijakan Penanaman Modal Asing, sebagaimana diberitahukan oleh Menteri Perdagangan Indust Pemerintah India, dari waktu ke waktu. Setiap usaha Industri, dengan atau tanpa FDI, yang bukan merupakan UMK, memiliki lisensi industri berdasarkan Peraturan Industri Peraturan Pembangunan, 1951 untuk barang-barang manufaktur yang disediakan untuk sektor UMK Menerbitkan saham kepada orang-orang yang tinggal di luar India selain entitas penduduk Pakistan dan entitas residen di Bangladesh dengan persetujuan sebelumnya FIPB, sampai batas 24 persen dari modal disetor atau bagian sektoral mana yang lebih rendah. Penerbitan saham yang berlebihan Dari 24 persen modal disetor harus meminta persetujuan FIPB dari Pemerintah India terlebih dahulu dan harus sesuai dengan syarat dan ketentuan persetujuan tersebut. Selanjutnya, dalam hal ketentuan Undang-undang MSMED, saya dalam kasus ini Dari perusahaan yang bergerak dalam pembuatan atau produksi barang yang berkaitan dengan industri yang ditentukan dalam jadwal pertama Undang-undang Pengembangan Industri dan Peraturan, 1951, perusahaan mikro berarti di mana inve Stment di pabrik dan mesin tidak melebihi dua puluh lima lakh rupee usaha kecil berarti di mana investasi di pabrik dan mesin lebih dari dua puluh lima lakh rupee tetapi tidak melebihi lima rupee crore ii dalam kasus perusahaan yang bergerak dalam menyediakan atau memberikan layanan , Perusahaan mikro berarti di mana investasi pada peralatan tidak melebihi sepuluh lakh rupee, usaha kecil berarti di mana investasi pada peralatan lebih dari sepuluh lakh rupee tetapi tidak melebihi dua rupee crore. c Larangan investasi asing di India. I Investasi asing dalam bentuk apapun dilarang di perusahaan atau perusahaan kemitraan atau kepemilikan atau entitas, baik yang tergabung atau tidak seperti, Trust yang terlibat atau mengusulkan untuk melakukan kegiatan berikut 6. Bisnis dana chit, atau Perusahaan Nidhi, atau. Kegiatan perkebunan atau perkebunan, atau usaha perkebunan. Real estat, atau pembangunan rumah pertanian, atau. Pertambangan dalam TDRT yang dapat dipindahtangankan. Ii Diklarifikasi bahwa bisnis real estat berarti berurusan dengan tanah dan harta tak gerak dengan maksud untuk mendapatkan keuntungan atau menghasilkan pendapatan darinya dan tidak mencakup pengembangan kota, pembangunan tempat komersial residensial, jalan atau jembatan, institusi pendidikan, fasilitas rekreasi, kota Dan infrastruktur tingkat regional, kotapraja. Selanjutnya diklarifikasi bahwa kepemilikan perusahaan kemitraan yang memiliki investasi sesuai peraturan FEMA tidak diperbolehkan terlibat dalam sektor media cetak. Iii Selain hal di atas, investasi asing dalam bentuk FDI juga dilarang di sektor-sektor tertentu seperti Annex-2. Bisnis Undian termasuk undian pribadi pemerintah, undian online, dll b Perjudian dan Pertaruhan termasuk kasino dll c Bisnis dana Chit d Perusahaan nidhi e Perdagangan dalam Hak-hak Pengembangan yang Dapat Dipindahtangankan T Real Bisnis atau Pembangunan Rumah Petani g Manufaktur Cerutu, Cerutu, Rokok cerutu dan rokok, tembakau atau substitusi tembakau h Sektor kegiatan tidak terbuka untuk investasi sektor swasta, misalnya Energi Atom dan Transportasi Kereta Api selain Sistem Transportasi Mass Rapid. Perhatikan kolaborasi teknologi Luar Negeri dalam bentuk apapun termasuk perizinan untuk franchise, merek dagang, nama merek, manajemen Kontrak juga dilarang untuk kegiatan Lottery Business and Gambling and Betting.7 7A Grup perusahaan berarti dua atau lebih perusahaan yang, secara langsung atau tidak langsung, berada dalam posisi untuk. Saya menggunakan dua puluh enam persen, atau lebih hak suara di perusahaan lain atau. Saya menunjuk lebih dari lima puluh persen, anggota dewan direksi di perusahaan lain.8 Mode Investasi dalam Skema Investasi Luar Negeri. Investasi Langsung Luar Negeri di India dapat dilakukan melalui mode berikut.8 Penerbitan saham baru oleh Perusahaan. Perusahaan India dapat menerbitkan obligasi konversi konversi saham segar di bawah Skema FDI kepada orang yang tinggal di luar India yang memenuhi syarat untuk mendapatkan investasi di India yang tunduk pada pemenuhan kebijakan FDI yang masih ada dan Peraturan FEMA.8 B Akuisisi dengan cara mentransfer yang ada Saham oleh orang yang tinggal di dalam atau di luar India. Investor asing juga dapat berinvestasi di perusahaan India dengan membeli saham yang ada dari pemegang saham India atau dari pemegang saham non-penduduk lainnya. Izin umum telah diberikan kepada NRI bukan penduduk untuk akuisisi saham melalui transfer Dengan cara berikut.8 Transfer BI saham oleh orang yang tinggal di luar India. a Bukan Residen untuk Hadiah Penjualan Non-Residen Seseorang resi Penyok di luar India selain NRI dan OCB dapat melakukan transfer dengan cara penjualan atau pemberian hadiah, saham atau surat hutang konversi kepada orang yang tinggal di luar India termasuk NRI namun tidak termasuk OCB. Catatan Transfer saham dari atau oleh OCB sebelumnya memerlukan persetujuan terlebih dahulu dari Reserve Bank Dari India. b NRI ke NRI Sale Gift NRI dapat mentransfer dengan cara menjual atau memberi hadiah kepada saham atau surat berharga konversi yang dipegang olehnya kepada NRI. c Non Resident to Resident Sale Gift lainnya. I Hadiah Seseorang yang tinggal di luar India dapat mentransfer keamanan apapun kepada orang yang tinggal di India dengan cara pemberian. Ijin penjualan di bawah pengaturan pribadi Izin umum juga tersedia untuk pengalihan surat-surat berharga konversi, dengan cara penjualan dengan pengaturan pribadi oleh orang yang tinggal di luar India kepada orang yang tinggal di India jika transfer saham berada di bawah peraturan SEBI dan di mana FEMA Pedoman harga tidak terpenuhi, sesuai dengan yang berikut. Investasi asli dan yang dihasilkan sesuai dengan peraturan FEMA yang ada. Peraturan harga sesuai dengan peraturan SEBI yang relevan seperti IPO, bangunan buku, kesepakatan blok, delisting, exit, open offer major Membeli SEBI SAST dan membeli kembali sertifikat and. CA agar sesuai dengan peraturan SEBI yang relevan seperti yang ditunjukkan di atas dilampirkan pada Formulir FC-TRS untuk diajukan ke bank adverbia dengan pelaporan dan pedoman lainnya seperti yang diberikan pada Lampiran 3.Note Transfer Saham dari Non Resident to Resident selain di bawah peraturan SEBI dan dimana pedoman harga FEMA tidak terpenuhi akan memerlukan th E persetujuan sebelumnya dari Reserve Bank of India. iii Penjualan obligasi konversi saham di Bursa Efek oleh orang yang tinggal di luar India Seseorang yang tinggal di luar India dapat menjual saham dan obligasi konversi perusahaan India di Bursa Efek yang diakui di India melalui Broker saham yang terdaftar di bursa efek atau bankir merchant yang terdaftar di bank SEBI. AD Category I dapat menerbitkan bank garansi, tanpa persetujuan terlebih dulu dari Reserve Bank, atas nama seorang warga negara yang tidak memperoleh saham atau surat hutang konversi dari sebuah perusahaan India melalui penawaran terbuka Delisting exit offer, asalkan 8.a transaksi tersebut sesuai dengan ketentuan Securities and Exchange Board of India Substantial Acquisition of Shares and Takeover SEBI SAST Regulations. b jaminan yang diberikan oleh bank Kategori Kategori I ditutupi oleh counter guarantee Dari bank reputasi internasional. Hal ini dapat dicatat bahwa jaminan tersebut berlaku untuk jangka waktu co-terminus dengan periode penawaran sebagai Yang dipersyaratkan dalam Peraturan SEBI SAST Dalam hal permintaan jaminan, bank Kategori-I AD diminta untuk menyerahkan kepada Kepala Bagian Umum Manajer Umum, Departemen Devisa, Reserve Bank of India, Kantor Pusat, Mumbai 400001, sebuah laporan mengenai Keadaan yang mengarah pada seruan jaminan. Pengalihan saham yang dapat dikonversi dari Residen ke Residen Orang di luar India. Orang yang tinggal di India dapat melakukan transfer dengan cara penjualan, melakukan konversi saham konversi termasuk pengalihan saham pelanggan, perusahaan India yang berada di bawah pengaturan pribadi ke orang yang tinggal di luar India, subjek Untuk hal berikut disertai dengan harga, pelaporan dan pedoman lainnya yang diberikan dalam Lampiran - 3. dimana di mana pemindahan saham memerlukan persetujuan FIPB sebelumnya sesuai kebijakan FDI yang ada, asalkan persetujuan FIPB yang diperlukan telah diperoleh dan. ii transfer Saham mematuhi pedoman penetapan harga dan persyaratan dokumentasi sebagaimana ditentukan oleh Reserve Bank of India dari waktu ke waktu. b di mana SEBI SAST pedoman tertarik, tunduk pada kepatuhan dengan pedoman harga dan persyaratan dokumentasi sebagaimana ditentukan oleh Reserve Bank of India dari Waktu ke waktu. c dimana pedoman harga di bawah FEMA, 1999 tidak terpenuhi asalkan itu terjadi. FDI yang dihasilkan ada di complia Dengan kebijakan FDI yang masih ada dan peraturan FEMA dalam hal tutup sektoral, persyaratan seperti permodalan minimum, dll, persyaratan pelaporan, dokumentasi, dll. Harga untuk transaksi tersebut sesuai dengan peraturan SEBI eksplisit yang berlaku dan relevan seperti IPO, Bangunan buku, transaksi blokir, delisting, penawaran keluar terbuka, akuisisi substansial SEBI SAST dan Sertifikat CAI untuk memenuhi persyaratan peraturan SEBI yang relevan seperti yang ditunjukkan di atas dilampirkan pada Formulir FC-TRS untuk diajukan ke AD bank. d Dimana perusahaan investee berada di sektor jasa keuangan dengan ketentuan bahwa. i 9 Dengan berlakunya dari 11 Oktober 2103, persyaratan NoC dari regulator regulator masing-masing perusahaan investee serta entitas pengalihan dan penerima dan pengarsipan NOC tersebut Bersama dengan Formulir FC-TRS dengan bank AD telah dibebaskan dari perspektif Foreign Exchange Management Act, 1999 dan tidak ada persyaratan NoC untuk diajukan bersama dengan Formulir FC-TRS Namun, persyaratan due diligence yang sesuai dan layak berkenaan dengan investor non-penduduk sebagaimana diatur oleh regulator sektor keuangan masing-masing harus dipatuhi. ii Kebijakan FDI dan Regulasi FEMA dalam hal tutup sektoral, persyaratan demikian Karena permodalan minimum, dll, persyaratan pelaporan, dokumentasi dll dipatuhi. Catatan Perizinan umum di atas juga mencakup transfer oleh penduduk ke bukan saham dari surat berharga konversi milik sebuah perusahaan India, yang melakukan kegiatan yang sebelumnya tercakup dalam Government Route Tapi sekarang jatuh di bawah Rute Otomatis Reserve Bank, serta pemindahan saham oleh perusahaan non-residen ke perusahaan India di bawah skema pembelian kembali dan atau pengurangan modal perusahaan Namun, izin umum ini tidak akan tersedia untuk transaksi di atas jika Mereka tidak memenuhi pedoman penetapan harga atau dalam kasus pengalihan surat hutang saham dengan cara pemberian hadiah dari Residen ke Non-Residen Non-Re Penduduk India.8 B III Pemindahan Saham oleh Residen yang memerlukan persetujuan Pemerintah. Contoh pengalihan saham dari penduduk ke bukan penduduk dengan cara penjualan atau memerlukan persetujuan Pemerintah. I Transfer saham perusahaan yang bergerak di sektor fa. Home Reserve Bank of India Guidelines on Forex. Liberalised Remittance Scheme diperbaharui sampai 17 September 2010 Reserve Bank of India telah mengumumkan Skema Remitansi Liberal pada Skema pada bulan Februari 2004 sebagai langkah menuju Penyederhanaan lebih lanjut dan liberalisasi fasilitas valuta asing yang tersedia bagi penduduk perorangan Sesuai Skema, penduduk dapat mengirimkan sampai USD 200.000 per tahun keuangan untuk setiap transaksi modal dan transaksi yang diizinkan atau kombinasi dari keduanya. Skema tersebut telah dioperasionalkan dengan seri AP DIR Surat Edaran No. 64 tanggal 4 Februari 2004.Q 1 Apa itu Skema Remitansi Liberal sebesar USD 200.000. Di bawah Skema Remitansi Liberal, semua penduduk, termasuk anak di bawah umur, diizinkan untuk secara bebas mengirimkan sampai USD 200.000 per tahun keuangan pada bulan April Maret untuk Setiap transaksi modal atau arus yang diperbolehkan atau kombinasi keduanya. Q 2 Mohon berikan ilustrasi Daftar transaksi rekening modal yang diizinkan berdasarkan skema tersebut. Di bawah Skema, penduduk dapat memperoleh dan menahan harta tak gerak atau saham atau instrumen hutang atau aset lainnya di luar India, tanpa persetujuan terlebih dahulu dari Individu Bank Sentral juga dapat membuka, memelihara dan menahan foreign currency accounts with banks outside India for carrying out transactions permitted under the Scheme. Q 3 What are the prohibited items under the Scheme. Ans The remittance facility under the Scheme is not available for the following. i Remittance for any purpose specifically prohibited under Schedule - I like purchase of lottery tickets sweep stakes, proscribed magazines, etc or any item restricted under Schedule II of Foreign Exchange Management Current Account Transactions Rules, 2000.ii Remittance from India for margins or margin calls to overseas exchanges overseas counterparty. iii Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market. iv Remitta nce for trading in foreign exchange abroad. v Remittance by a resident individual for setting up a company abroad. vi Remittances directly or indirectly to Bhutan, Nepal, Mauritius and Pakistan. vii Remittances directly or indirectly to countries identified by the Financial Action Task Force FATF as non co-operative countries and territories , from time to time and. viii Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks. Q 4 Whether LRS facility is in addition to existing facilities detailed in Schedule III under remittances. Ans The facility under the Scheme is in addition to those already available for private travel, business travel, studies, medical treatment, etc as described in Schedule III of Foreign Exchange Management Current Account Transactions Rules, 2000 The Scheme can also be used for these purposes. However, remittances for gift and don ation can not be made separately and have to be made under the Scheme only Accordingly, resident individuals can remit towards gifts and donations up to USD 200,000 per financial year under the Scheme. Q 5 Are resident individuals under this Scheme required to repatriate the accrued interest dividend on deposits investments abroad, over and above the principal amount. Ans The resident individual investors can retain and re-invest the income earned on investments made under the Scheme The residents are not required to repatriate the funds or income generated out of investments made under the Scheme. Q 6 Are remittances under the Scheme on gross basis or net basis net of repatriation from abroad. Ans Remittance under this scheme is on a gross basis. Q 7 Can remittances under the facility be consolidated in respect of family members. Ans Remittances under the facility can be consolidated in respect of family members subject to the individual family members complying with the terms and condition s of the Scheme. Q 8 Can one use the Scheme for purchase of objects of art paintings, etc either directly or through auction house. Ans Remittances under the Scheme can be used for purchasing objects of art subject to compliance with the extant Foreign Trade Policy of the Government of India and other applicable laws. Q 9 Is the AD required to check permissibility of remittances based on nature of transaction or allow the same based on remitters declaration. Ans AD will be guided by the nature of transaction as declared by the remitter and will certify that the remittance is in conformity with the instructions issued by the Reserve Bank, in this regard from time to time. Q 10 Can remittance be made under this Scheme for acquisition of ESOPs. Ans The Scheme can also be used for remittance of funds for acquisition of ESOPs. Q 11 Is this scheme in addition to acquisition of ESOPs linked to ADR GDR i e USD 50,000 - for a block of 5 calendar years. Ans The remittance under the Scheme is in addition to acquisition of ESOPs linked to ADR GDR. Q 12 Is this Scheme is in addition to acquisition of qualification shares i e USD 20,000 or 1 of paid up capital of overseas company, whichever is lower. Ans The remittance under the Scheme is in addition to acquisition of qualification shares. Q 13 Can a resident individual invest in units of Mutual Funds, Venture Funds, unrated debt securities, promissory notes, etc under this scheme. Ans A resident individual can invest in units of Mutual Funds, Venture Funds, unrated debt securities, promissory notes, etc under this Scheme Further, the resident can invest in such securities through the bank account opened abroad for the purpose under the Scheme. Q 14 Can an individual, who has availed of a loan abroad while as a non-resident Indian can repay the same on return to India, under this Scheme as a resident. Ans This is permissible. Q 15 Is it mandatory for resident individuals to have PAN number for sending outward remittances under the Scheme. Ans It is mandatory to have PAN number to make remittances under the Scheme. Q 16 In case a resident individual requests for an outward remittance by way of issuance of a demand draft either in his own name or in the name of the beneficiary with whom he intends to putting through the permissible transactions at the time of his private visit abroad, whether the remitter can effect such an outward remittance against self-declaration. Ans Such outward remittance in the form of a DD can be effected against the declaration by the resident individual in the format prescribed under the Scheme. Q 17 Are there any restrictions on the frequency of the remittance. Ans There is no restriction on the frequency However, the total amount of foreign exchange purchased from or remitted through, all sources in India during a financial year should be within the cumulative limit of USD 200,000.Q 18 What are the requirements to be complied with by the remitter. Ans The individual will have to designate a branch of an AD through which all the remittances under the Scheme will be made The applicants should have maintained the bank account with the bank for a minimum period of one year prior to the remittance If the applicant seeking to make the remittance is a new customer of the bank, Authorised Dealers should carry out due diligence on the opening, operation and maintenance of the account Further, the AD should obtain bank statement for the previous year from the applicant to satisfy themselves regarding the source of funds If such a bank statement is not available, copies of the latest Income Tax Assessment Order or Return filed by the applicant may be obtained He has to furnish an application-cum-declaration in the specified format regarding the purpose of the remittance and declare that the funds belong to him and will not be used for the purposes prohibited or regulated under the Scheme. Q 19 Can an individual, who has repatriated the amount remitted during the financial year, avail of the faci lity once again. Ans Once a remittance is made for an amount up to USD 200,000 during the financial year he would not be eligible to make any further remittances under this scheme, even if the proceeds of the investments have been brought back into the country. Q 20 Can remittances be made only in US Dollars. Ans The remittances can be made in any freely convertible foreign currency equivalent to USD 200,000 in a financial year. Q 21 In the past resident individuals could invest in overseas companies listed on a recognised stock exchange abroad and which has the shareholding of at least 10 per cent in an Indian company listed on a recognised stock exchange in India Does this condition still exist. Ans Investment by resident individual in overseas companies is subsumed under the Scheme of USD 200,000 The requirement of 10 per cent reciprocal shareholding in the listed Indian companies by such overseas companies has since been dispensed with. Guidelines for Financial Intermediaries. Q 22 Are in termediaries expected to seek specific approval for making overseas investments available to clients. Ans Banks including those not having operational presence in India are required to obtain prior approval from the Department of Banking Operations and Development, Central Office, Reserve Bank of India, Central Office Building, Shahid Bhagat Singh Marg, Mumbai, for soliciting deposits for their foreign overseas branches or for acting as agents for overseas mutual funds or any other foreign financial services company. Q 23 Are there any restrictions on the kind quality of debt or equity instruments an individual can invest in. Ans No ratings or guidelines have been prescribed under the Liberalised Remittance Scheme However, the individual investor is expected to exercise due diligence while taking a decision regarding the investments under the Scheme. Q 24 Whether credit facilities in Indian Rupees or foreign currency would be permissible against security of such deposits. Ans No The Scheme does not envisage extension of credit facility against the security of the deposits Further, the banks should not extend any kind of credit facilities to resident individuals to facilitate outward remittances under the Scheme. Q 25 Can bankers open foreign currency accounts in India for residents under the Scheme. Ans No Banks in India cannot open foreign currency accounts in India for residents under the Scheme. Q 26 Can an Offshore Banking Unit OBU in India be treated on par with a branch of the bank outside India for the purpose of opening of foreign currency accounts by residents under the Scheme. Ans No For the purpose of the Scheme, an OBU in India is not treated as an overseas branch of a bank in India. For further details guidance, please approach any bank authorised to deal in foreign exchange or contact Regional Offices of the Foreign Exchange Department of the Reserve Bank. Please share this Article with your Facebook friends. Section - I Foreign Direct Investment.1 Foreign Direct Investment in India. Foreign Direct Investment FDI in India is. undertaken in accordance with the FDI Policy which is formulated and announced by the Government of India The Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India issues a Consolidated FDI Policy Circular on an yearly basis on March 31 of each year since 2010 elaborating the policy and the process in respect of FDI in India The latest Consolidated FDI Policy Circular dated April 17, 2014 is available in the public domain and can be downloaded from the website of Ministry of Commerce and Industry, Department of Industrial Policy and Promotion governed by the provisions of the Foreign Exchange Management Act FEMA , 1999 FEMA Regulations which prescribe amongst other things the mode of investments i e issue or acquisition of shares convertible debentures and preference shares, manner of receipt of funds, pricing guidelines and reporting of the investments to the Reserve Bank The Reserve Bank has issued Notification No FEMA 20 2000-RB dated May 3, 2000 which contains the Regulations in this regard This Notification has been amended from time to time.2 Entry routes for investments in India. Under the Foreign Direct Investments FDI Scheme, investments can be made in shares, mandatorily and fully convertible debentures and mandatorily and fully convertible preference shares 1 of an Indian company by non-residents through two routes. Automatic Route Under the Automatic Route, the foreign investor or the Indian company does not require any approval from the Reserve Bank or Government of India for the investment. Government Route Under the Government Route, the foreign investor or the Indian company should obtain prior approval of the Government of India Foreign Investment Promotion Board FIPB , Department of Economic Affairs DEA , Ministry of Finance or Department of Industrial Policy Promotion, as the case may be for the investment.3 Eligibility for Investment in Indi a. A person resident outside India 2 or an entity incorporated outside India, can invest in India, subject to the FDI Policy of the Government of India A person who is a citizen of Bangladesh or an entity incorporated in Bangladesh can invest in India under the FDI Scheme, with the prior approval of the FIPB Further, a person who is a citizen of Pakistan or an entity incorporated in Pakistan, may, with the prior approval of the FIPB, can invest in an Indian company under FDI Scheme, subject to the prohibitions applicable to all foreign investors and the Indian company, receiving such foreign direct investment, should not be engaged in sectors activities pertaining to defence, space and atomic energy. NRIs, resident in Nepal and Bhutan as well as citizens of Nepal and Bhutan are permitted to invest in shares and convertible debentures of Indian companies under FDI Scheme on repatriation basis, subject to the condition that the amount of consideration for such investment shall be paid only by way of inward remittance in free foreign exchange through normal banking channels. Overseas Corporate Bodies OCBs have been de-recognised as a class of investor in India with effect from September 16, 2003 Erstwhile OCBs which are incorporated outside India and are not under adverse notice of the Reserve Bank can make fresh investments under the FDI Scheme as incorporated non-resident entities, with the prior approval of the Government of India, if the investment is through the Government Route and with the prior approval of the Reserve Bank, if the investment is through the Automatic Route However, before making any fresh FDI under the FDI scheme, an erstwhile OCB should through their AD bank, take a one time certification from RBI that it is not in the adverse list being maintained with the Reserve Bank of India. ADs should also ensure that OCBs do not maintain any account other than NRO current account in line with the instructions as per A P DIR Series Circular No 14 dated Septem ber 16, 2003 Further, this NRO account should not be used for any fresh investments in India Any fresh request for opening of NRO current account for liquidating previous investment held on non-repatriation basis should be forwarded by the AD bank to Foreign Exchange Department, Reserve Bank of India, Central Office, Mumbai However, ADs should not close other category of accounts NRE FCNR NRO for OCBs which are in the adverse list of the Reserve Bank of India These accounts are to be maintained by the respective AD banks in the frozen status.4 Type of instruments. i Indian companies can issue equity shares, fully and mandatorily convertible debentures, fully and mandatorily convertible preference shares and warrants, subject to the pricing guidelines valuation norms and reporting requirements amongst other requirements as prescribed under FEMA Regulations. ii As far as debentures are concerned, only those which are fully and mandatorily convertible into equity, within a specified time, w ould be reckoned as part of equity under the FDI Policy. iii Prior to December 30, 2013, issue of other types of preference shares such as non-convertible, optionally convertible or partially convertible, were to be in accordance with the guidelines applicable for External Commercial Borrowings ECBs On and from December 30, 2013 it has been decided that optionality clauses may henceforth be allowed in equity shares and compulsorily and mandatorily convertible preference shares debentures to be issued to a person resident outside India under the Foreign Direct Investment FDI Scheme The optionality clause will oblige the buy-back of securities from the investor at the price prevailing value determined at the time of exercise of the optionality so as to enable the investor to exit without any assured return The provision of optionality clause shall be subject to the following conditions. a There is a minimum lock-in period of one year or a minimum lock-in period as prescribed under FDI Regulations, whichever is higher e g defence and construction development sector where the lock-in period of three years has been prescribed The lock-in period shall be effective from the date of allotment of such shares or convertible debentures or as prescribed for defence and construction development sectors, etc in Annex B to Schedule 1 of Notification No FEMA 20 as amended from time to time. b After the lock-in period, as applicable above, the non-resident investor exercising option right shall be eligible to exit without any assured return, as under. i In case of a listed company, the non-resident investor shall be eligible to exit at the market price prevailing at the recognised stock exchanges. ii In case of unlisted company, 3 w e f July 8, 2014 the non-resident investor shall be eligible to exit from the investment in equity shares of the investee company at a price as per any internationally accepted pricing methodology on arm s length basis, duly certified by a Chartered Accountant or a SEBI registered Merchant Banker. The guiding principle would be that the non-resident investor is not guaranteed any assured exit price at the time of making such investment agreements and shall exit at the fair price computed as above, at the time of exit, subject to lock-in period requirement, as applicable.4 An Indian company taking on record in its books any transfer of its shares or convertible debenture by way of sale from a resident to a non-resident and a non-resident to a resident shall disclose in its balance sheet for the financial year, in which the transaction took place, the details of valuation of share or convertible debentures, the pricing methodology adopted for the same a s well as the agency that has given certified the valuation. Partly paid shares warrants. With effect form July 8, 2014, partly paid instruments have also been enabled as FDI compliant instruments subject to conditions. The pricing of the partly paid equity shares shall be determined upfront and 25 of the total consideration amount including share premium, if any , shall also be received upfront The balance consideration towards fully paid equity shares shall be received within a period of 12 months. The time period for receipt of the balance consideration within 12 months shall not be insisted upon where the issue size exceeds Rupees five hundred crore and the issuer complies with Regulation 17 of the SEBI Issue of Capital and Disclosure Requirements ICDR Regulations regarding monitoring agency Similarly, in case of an unlisted Indian company, the balance consideration amount can be received after 12 months where the issue size exceeds Rupees five hundred crores However, the investee comp any shall appoint a monitoring agency on the same lines as required in case of a listed Indian company under the SEBI ICDR Regulations Such monitoring agency AD Category -1 bank shall report to the investee company as prescribed by the SEBI regulations, ibid, for the listed companies. The pricing of the warrants and price conversion formula shall be determined upfront and 25 of the consideration amount shall also be received upfront The balance consideration towards fully paid up equity shares shall be received within a period of 18 months. The price at the time of conversion should not in any case be lower than the fair value worked out, at the time of issuance of such warrants, in accordance with the extant FEMA Regulations and pricing guidelines stipulated by RBI from time to time Thus, Investee company shall be free to receive consideration more than the pre-agreed price. Additional conditions for issue of partly paid shares and warrants. a The Indian company whose activity sector falls under government route would require prior approval of the Foreign Investment Promotion Board FIPB , Government of India for issue of partly-paid shares warrants. b The forfeiture of the amount paid upfront on non-payment of call money shall be in accordance with the provisions of the Companies Act, 2013 and Income tax provisions, as applicable. c The company while issuing partly paid shares or warrants shall ensure that the sectoral caps are not breached even after the shares get fully paid-up or warrants get converted into fully paid equity shares Similarly, the Non-resident investors acquiring partly paid shares or convertible debentures or warrants shall ensure that the sectoral caps are not breached even after the shares get fully paid-up or warrants get converted into fully paid equity shares. d The deferment of payment of consideration amount or shortfall in receipt of consideration amount as per applicable pricing guidelines by the foreign investors will not be covered under these guidelines so as to be treated as subscription to partly paid shares and warrants Thus, the Investee company under these guidelines for issue transfer of partly-paid shares warrants, shall require to comply with the requirements under the Companies Act, 2013 for issuance of partly paid shares and warrants.5 Pricing guidelines. Fresh issue of shares Price of fresh shares issued to persons resident outside India under the FDI Scheme, shall be. on the basis of SEBI guidelines in case of listed companies. not less than fair value of shares determined by a SEBI registered Merchant Banker or a Chartered Accountant as per as per any internationally accepted pricing methodology on arm s length basis. The pricing guidelines as above are subject to pricing guidelines as enumerated in paragraph above, for exit from FDI with optionality clauses by non-resident investor. The above pricing guidelines are also applicable for issue of shares against payment of lump sum technical know how fee royalty due for payment repayment or conversion of ECB into equity or capitalization of pre incorporation expenses import payables with prior approval of Government.5 It is clarified that where the liability sought to be converted by the company is denominated in foreign currency as in case of ECB, import of capital goods, etc it will be in order to apply the exchange rate prevailing on the date of the agreement between the parties concerned for such conversion Reserve Bank will have no objection if the borrower company wishes to issue equity shares for a rupee amount less than that arrived at as mentioned above by a mutual agreement with the ECB lender It may be noted that the fair value of the equity shares to be issued shall be worked out with reference to the date of conversion only. It is further clarified that the principle of calculation of INR equivalent for a liability denominated in foreign currency as mentioned at paragraph 3 above shall apply, mutatis mutandis to all cases where any payables liability by an Indian company such as, lump sum fees royalties, etc are permitted to be converted to equity shares or other securities to be issued to a non-resident subject to the conditions stipulated under the respective Regulations. Where non-residents including NRIs are making investments in an Indian company in compliance with the provisions of the Companies Act, 1956, by way of subscription to its Memorandum of Association, such investments may be made at face value subject to their eligibility to invest under the FDI scheme. Preferential allotment In case of issue of shares on preferential allotment, the issue price shall not be less that the price as applicable to transfer of shares from resident to non-resident. Issue of shares by SEZs against import of capital goods In this case, the share valuation has to be done by a Committee consisting of Development Commissioner and the appropriate Customs officials. Right Shares The price of shares offered on rights basis by the Indian company to non-resident shareholders shall be. In the case of shares of a company listed on a recognised stock exchange in India, at a price as determined by the company. In the case of shares of a company not listed on a recognised stock exchange in India, at a price which is not less than the price at which the offer on right basis is made to the resident shareholders. Acquisition transfer of existing shares private arrangement The acquisition of existing shares from Resident to Non-resident i e to incorporated non-resident entity other than erstwhile OCB, foreign national, NRI, FII would be at a. a negotiated price for shares of companies listed on a recognized stock exchange in India which shall not be less than the price at which the preferential allotment of shares can be made under the SEBI guidelines, as applicable, provided the same is determined for such duration as specified therein, preceding the relevant date, which shall be the date of purchase or sale of shares The price per share arrived at should be certified by a SEBI registered Merchant Banker or a Chartered Accountant. b negotiated price for shares of companies which are not listed on a recognized stock exchange in India which shall not be less than the fair value worked out as per any internationally accepted pricing methodology for valuation of shares on arm s length basis, duly certified by a Chartered Accountant or a SEBI registered Merchant Banker. Further, transfer of existing shares by Non-resident i e by incorporated non-resident entity, erstwhile OCB, foreign national, NRI, FII to Resident shall not be more than the minimum price at which the transfer of shares can be made from a resident to a non-resident as given above. The pricing of shares convertible debentures preference shares should be decided determined upfront at the time of issue of the instruments The price for the convertible instruments can also be a determined based on the conversion formula which has to be determined fixed upfront, however the price at the time of conversion should not be less than the fair value worked out, at the time of issuance of these instruments, in accordance with the extant FEMA regulations. The pricing guidelines as above, are subject to pricing guidelines as enumerated in paragraph above, for exit from FDI with optionality clauses by non-resident investor.6 Mode of Payment. An Indian company issuing shares convertible debentures under FDI Scheme to a person resident outside India shall receive the amount of consideration required to be paid for such shares convertible debentures by. i inward remittance through normal banking channels. ii debit to NRE FCNR account of a person concerned maintained with an AD category I bank. iii conversion of royalty lump sum technical know how fee due for payment import of capital goods by units in SEZ or conversion of ECB, shall be treated as consideration for issue of shares. iv conversion of import payables pre incorporation expenses share swap can be treated as consideration for issue of shares with the approval of FIPB. v debit to non-interest bearing Escrow account in Indian Rupees in India which is opened with the approval from AD Category I bank and is maintained with the AD Category I bank on behalf of residents and non-residents towards payment of share purchase consideration. If the shares or convertible debentures are not issued within 180 days from the date of receipt of the inward remittance or date of debit to NRE FCNR B Escrow account, the amount of consideration shall be refunded Further, the Reserve Bank may on an application made to it and for sufficient reasons, permit an Indian Company to refund allot shares for the amount of consideration received towards issue of security if such amount is outstanding beyond the period of 180 days from the date of receipt.7 Foreign Investment limits, Prohibited Sectors and investment in MSEs. a Foreign Investment Limits. The details of the entry route applicable and the maximum permissible foreign investment sectoral cap in an Indian Company are determi ned by the sector in which it is operating The details of the entry route applicable along with the sectoral cap for foreign investment in various sectors are given in Annex -1.b Investments in Micro and Small Enterprise MSE. A company which is reckoned as Micro and Small Enterprise MSE earlier Small Scale Industrial Unit in terms of the Micro, Small and Medium Enterprises Development MSMED Act, 2006, including an Export Oriented Unit or a Unit in Free Trade Zone or in Export Processing Zone or in a Software Technology Park or in an Electronic Hardware Technology Park, and which is not engaged in any activity sector mentioned in Annex 2 may issue shares or convertible debentures to a person resident outside India other than a resident of Pakistan and to a resident of Bangladesh under approval route , subject to the prescribed limits as per FDI Policy, in accordance with the Entry Routes and the provision of Foreign Direct Investment Policy, as notified by the Ministry of Commerce Indust ry, Government of India, from time to time. Any Industrial undertaking, with or without FDI, which is not an MSE, having an industrial license under the provisions of the Industries Development Regulation Act, 1951 for manufacturing items reserved for the MSE sector may issue shares to persons resident outside India other than a resident entity of Pakistan and to a resident entity of Bangladesh with prior approval FIPB , to the extent of 24 per cent of its paid-up capital or sectoral cap whichever is lower Issue of shares in excess of 24 per cent of paid-up capital shall require prior approval of the FIPB of the Government of India and shall be in compliance with the terms and conditions of such approval. Further, in terms of the provisions of MSMED Act, i in the case of the enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the Industries Development and Regulation Act, 1951, a micro enterprise means where the inve stment in plant and machinery does not exceed twenty five lakh rupees a small enterprise means where the investment in plant and machinery is more than twenty five lakh rupees but does not exceed five crore rupees ii in the case of the enterprises engaged in providing or rendering services, a micro enterprise means where the investment in equipment does not exceed ten lakh rupees a small enterprise means where the investment in equipment is more than ten lakh rupees but does not exceed two crore rupees. c Prohibition on foreign investment in India. i Foreign investment in any form is prohibited in a company or a partnership firm or a proprietary concern or any entity, whether incorporated or not such as, Trusts which is engaged or proposes to engage in the following activities 6.Business of chit fund, or. Nidhi company, or. Agricultural or plantation activities, or. Real estate business, or construction of farm houses, or. Trading in Transferable Development Rights TDRs. ii It is clarified that real estate business means dealing in land and immovable property with a view to earning profit or earning income therefrom and does not include development of townships, construction of residential commercial premises, roads or bridges, educational institutions, recreational facilities, city and regional level infrastructure, townships. It is further clarified that partnership firms proprietorship concerns having investments as per FEMA regulations are not allowed to engage in print media sector. iii In addition to the above, Foreign investment in the form of FDI is also prohibited in certain sectors such as Annex-2. a Lottery Business including Government private lottery, online lotteries, etc b Gambling and Betting including casinos etc c Business of Chit funds d Nidhi company e Trading in Transferable Development Rights TDRs f Real Estate Business or Construction of Farm Houses g Manufacturing of Cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes h Activities sectors not open to private sector investment e g Atomic Energy and Railway Transport other than Mass Rapid Transport Systems. Note Foreign technology collaboration in any form including licensing for franchise, trademark, brand name, management contract is also prohibited for Lottery Business and Gambling and Betting activities.7 7A Group company means two or more enterprises which, directly or indirectly, are in position to. i exercise twenty-six per cent, or more of voting rights in other enterprise or. ii appoint more than fifty per cent, of members of board of directors in the other enterprise.8 Modes of Investment under Foreign Direct Investment Scheme. Foreign Direct Investment in India can be made through the following modes.8 A Issuance of fresh shares by the company. An Indian company may issue fresh shares convertible debentures under the FDI Scheme to a person resident outside India who is eligible for investment in India subject to compliance with the extant FDI policy and the FEMA Regulation.8 B Acquisition by way of transfer of existing shares by person resident in or outside India. Foreign investors can also invest in Indian companies by purchasing acquiring existing shares from Indian shareholders or from other non-resident shareholders General permission has been granted to non-residents NRIs for acquisition of shares by way of transfer in the following manner.8 B I Transfer of shares by a Person resident outside India. a Non Resident to Non-Resident Sale Gift A person resi dent outside India other than NRI and OCB may transfer by way of sale or gift, shares or convertible debentures to any person resident outside India including NRIs but excluding OCBs. Note Transfer of shares from or by erstwhile OCBs would require prior approval of the Reserve Bank of India. b NRI to NRI Sale Gift NRIs may transfer by way of sale or gift the shares or convertible debentures held by them to another NRI. c Non Resident to Resident Sale Gift. i Gift A person resident outside India can transfer any security to a person resident in India by way of gift. ii Sale under private arrangement General permission is also available for transfer of shares convertible debentures, by way of sale under private arrangement by a person resident outside India to a person resident in India in case where transfer of shares are under SEBI regulations and where the FEMA pricing guidelines are not met, subject to the following. The original and resultant investment comply with the extant FDI policy FEMA regulations. The pricing complies with the relevant SEBI regulations such as IPO, Book building, block deals, delisting, exit, open offer substantial acquisition SEBI SAST and buy back and. CA certificate to the effect that compliance with relevant SEBI regulations as indicated above is attached to the Form FC-TRS to be filed with the AD bankpliance with reporting and other guidelines as given in Annex 3.Note Transfer of shares from a Non Resident to Resident other than under SEBI regulations and where the FEMA pricing guidelines are not met would require th e prior approval of the Reserve Bank of India. iii Sale of shares convertible debentures on the Stock Exchange by person resident outside India A person resident outside India can sell the shares and convertible debentures of an Indian company on a recognized Stock Exchange in India through a stock broker registered with stock exchange or a merchant banker registered with SEBI. AD Category I bank may issue bank guarantee, without prior approval of the Reserve Bank, on behalf of a non-resident acquiring shares or convertible debentures of an Indian company through open offers delisting exit offers, provided 8.a the transaction is in compliance with the provisions of the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeover SEBI SAST Regulations. b the guarantee given by the AD Category I bank is covered by a counter guarantee of a bank of international repute. It may be noted that the guarantee shall be valid for a tenure co-terminus with the offer period as required under the SEBI SAST Regulations In case of invocation of the guarantee, the AD Category-I bank is required to submit to the Principal Chief General Manager, Foreign Exchange Department, Reserve Bank of India, Central Office, Mumbai 400001, a report on the circumstances leading to the invocation of the guarantee. Transfer of shares convertible debentures from Resident to Person Resident outside India. A person resident in India can transfer by way of sale, shares convertible debentures including transfer of subscriber s shares , of an Indian company under private arrangement to a person resident outside India, subject to the following alongwith pricing, reporting and other guidelines given in Annex - 3.a where the transfer of shares requires the prior approval of the FIPB as per extant FDI policy provided that. i the requisite FIPB approval has been obtained and. ii the transfer of share adheres with the pricing guidelines and documentation requirements as specified by the Reserve Bank of India from time to time. b where SEBI SAST guidelines are attracted, subject to adherence with the pricing guidelines and documentation requirements as specified by the Reserve Bank of India from time to time. c where the pricing guidelines under FEMA,1999 are not met provided that. i the resultant FDI is in complia nce with the extant FDI policy and FEMA regulations in terms of sectoral caps, conditionalities such as minimum capitalization, etc, reporting requirements, documentation, etc. ii The pricing for the transaction is compliant with specific explicit extant and relevant SEBI regulations such as IPO, book building, block deals, delisting, open exit offer, substantial acquisition SEBI SAST and. iii CA Certificate to the effect that compliance with relevant SEBI regulations as indicated above is attached to the Form FC-TRS to be filed with the AD bank. d where the investee company is in the financial services sector provided that. i 9 With effect from October 11, 2103, the requirement of NoC s from the respective regulators regulators of the investee company as well as the transferor and transferee entities and filing of such NOCs along with the Form FC-TRS with the AD bank has been waived from the perspective of Foreign Exchange Management Act, 1999 and no such NoC s need to be filed along with form FC-TRS However, any fit and proper due diligence requirement as regards the non-resident investor as stipulated by the respective financial sector regulator shall have to be complied with. ii The FDI policy and FEMA Regulations in terms of sectoral caps, conditionalities such as minimum capitalization, etc , reporting requirements, documentation etc are complied with. Note The above general permission also covers transfer by a resident to a non-resident of shares convertible debentures of an Indian company, engaged in an activity earlier covered under the Government Route but now falling under Automatic Route of the Reserve Bank, as well as transfer of shares by a non-resident to an Indian company under buyback and or capital reduction scheme of the company However, this general permission would not be available for the above transactions if they are not meeting the pricing guidelines or in case of transfer of shares debentures by way of gift from a Resident to a Non-Resident Non-Re sident Indian.8 B III Transfer of Shares by Resident which requires Government approval. The following instances of transfer of shares from residents to non-residents by way of sale or otherwise requires Government approval. i Transfer of shares of companies engaged in sector fa. Weizmann Forex - RBI Guidelines. RBI Guide Lines. Forex Facilities for Residents Individuals As on Oct 1, 2003.Private Travel. Foreign exchange up to US 10,000 is permissible in any financial year for tourism or private travel to any country other than Nepal and Bhutan on the basis of self-certification When travelling to Nepal and Bhutan, you can carry as much Indian currency as you wish, except currency notes with denominations of Rs 500 and above. Study Abroad Medical treatment abroad Employment abroad Emigration Maintenance of close relatives abroad Foreign exchange up to US 100,000 is permissible on the basis of self-certification For students the limit of 100,000 is applicable for each academic year For medical treatment in addition to 100,000, foreign exchange up to US 25,000 can be taken for meeting boarding lodging travel expenses of the patient and also for the accompanying attendant on self-certification Amounts in excess of the limits can be released on basis of documentary evidence of requirement. Remittance for Miscellaneous Purposes up to US 5000.Remittances can be made up to US 5000, for any miscellaneous purpose, without furnishing documents. Donations can be made to anybody up to US 5,000 every year per remitter on self certification. International Credit Cards. International Credit Cards can be used for. Meeting expenses or making purchases while abroad without any limit. Making payments in foreign exchange for purchase of books and other items through the Internet. Residents holding a foreign currency account in India or with an overseas bank, are free to obtain ICCs issued by overseas banks and other reputed agencies. Surrender of Foreign Exchange on Return. Foreign exchange up to US 3,000, in the form of foreign currency notes or travellers cheques TCs can be retained indefinitely for future use Amounts in excess of 3000 have to be surrendered to a bank within 90 days and TCs within 180 days of return o r credited to RFC D account Foreign coins can be retained indefinitely without any limit. Liberalised Remittance Scheme of USD 100,000 - for Resident Individuals. RBI has recently come out with a scheme vide their circular AP Dir Series Circular no 51 dated 08th May 2007, whereby individuals may remit up to USD 100,000 - per financial year for any current or Capital account transaction or a combination of both. All Resident individuals are eligible to avail of the facility under the scheme This facility is not available to Corporates, Partnership firms, HUF, Trusts etc. This facility is available for making remittance up to USD 100,000 - per financial year for any current or Capital account transactions or a combination of both. Under this facility, Resident Indians will be free to acquire and Hold immovable property or shares or any other asset outside India without prior approval of the Reserve Bank of India Individuals will also be able to maintain and hold foreign currency accounts with a bank outside India for making remittances under the scheme without prior approval of the Reserve Bank of India The foreign currency account may be used for conducting transactions connected with or arising from remittances eligible under the scheme. Please note that this facility is available in addition to those already available for private travel, business travel, donations, studies abroad, medical treatment etc as described in the Schedule III of FEMA current account transactions Rules 2000.The remittance under this scheme is not available for the following. Remittance for any purpose specifically prohibited under Schedule-I like purchase of lottery sweep stakes, tickets proscribed magazines etc or any item restricted under Schedule II of Foreign. Exchange Management Current Account Transactions Rules, 2000.Remittances made directly or indirectly to Bhutan, Nepal, Mauritius or Pakistan. Remittances made directly or indirectly to countries identified by the Financial Action Task Forc e FATF as non co-operative countries and territories viz Cook Islands, Egypt, Guatemala. Indonesia, Myanmar, Nauru, Nigeria, Philippines and Ukraine. Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks. Procedure to be followed to effect remittances under this category. When a customer approaches a branch for a remittance under this Scheme the following procedures must be followed. The customer must designate a branch of an Authorised Dealer through which all remittances under this scheme will be transacted This is incorporated in the Format declaration itself Schedule A and needs to be filled in by the customer. The customer who needs to make this remittance will furnish the following documentation. RBI prescribed letter cum declaration in the format as per Annexure A regarding the purpose of the remittance and declaration that the funds belong to the remitter and will not be used for any of the restricted purposes as stated above. Liberalised Remittance Scheme for Resident Individuals - Enhancement of limit from USD 100,000 to USD 200,000.Circular No RBI 2007-08 146 A P DIR Series Circular No 9 dated September 26, 2007 Attention of Authorised Dealer Category I AD Category I banks is invited to A P DIR Series Circular No 51 dated May 8, 2007 on the Liberalised Remittance Scheme for Resident Individuals the Scheme. With a view to further liberalize the Scheme it has been decided, in consultation with the Government of India, to enhance the existing limit of USD 100,000 per financial year to USD 200,000 per financial year April March with immediate effect Accordingly, AD Category-I banks may now allow remittance up to USD 200,000, per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both. All other terms and conditions mentioned in A P DIR Series Circular No 64 dated February 4 , 2004, A P DIR Series Circular No 24 dated December 20, 2006 and A P DIR Series Circular No 51 dated May 8, 2007 shall remain unchanged. Necessary amendments to Foreign Exchange Management Permissible Capital Account Transactions Regulations, 2000 Notification No FEMA 1 2000- RB dated 3rd May 2000 are being notified separately. AD Category I banks may bring the contents of this circular to the notice of their constituents and customers concerned. The directions contained in this Circular have been issued under Section 10 4 and 11 1 of the Foreign Exchange Management Act, 1999 42 of 1999 and is without prejudice to permissions approvals, if any, required under any other law. Main Office 650 North Clay Street Memphis, Missouri 63555 Phone 800 748-7875 660 465-7225.Traffic Billing Contact Lana Norfleet Phone 641 722-3008 Fax 660 465-2626.Feel free to contact Mark in the event of website issues KMEM-FM, KUDV and Tri-Rivers Broadcasting are Equal Opportunity Employers. Access the KMEM-FM FCC Pu blic Information File here. Access the KUDV FCC Public Information File here. General Manager General Sales Manager Mark Denney. News Director Programming Director Rick Fischer. Sports Director Donnie Middleton. Traffic and Billing Manager Lana Norfleet. Staff Promotions Director Dave Boden. Administrative Asst Audrey Spray. On air Personality Donna Craig. Chief Engineer Mark McVey. KMEM SALES DEPARTMENT. 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