Seksjon - I Utenlandske Direkte Investeringer. 1 Utenlandske Direkte Investeringer i India. Umiddelbar Direkte Investering FDI i India. Undertaket i samsvar med FDI Policy som er formulert og annonsert av Indias regering. Institutt for industripolitikk og kampanjen, Næringsdepartementet og Industry, India, utsteder en konsolidert FDI Policy Circular på årlig basis 31. mars hvert år siden 2010 utarbeide politikken og prosessen med hensyn til FDI i India. Den siste konsoliderte FDI Policy Circular datert 17. april 2014 er tilgjengelig i det offentlige området og kan lastes ned fra nettstedet for handels - og industriministeriet, Institutt for industripolitikk og kampanjen regulert av bestemmelsene i valutamarkedsloven FEMA, 1999 FEMA-forskriftene som foreskriver blant annet investeringsformen, dvs. utstedelse eller kjøp av aksjer konvertible obligasjoner og preferanseaksjer, måte for mottak av midler, prisfastsetting an d rapportering av investeringene til Reserve Bank Reserve Bank har utstedt Notifikasjon nr FEMA 20 2000-RB datert 3. mai 2000 som inneholder forskriftene i denne forbindelse Denne meldingen har blitt endret fra tid til annen.2 Oppføringsrutiner for investeringer i India. Under FDI-ordningen for utenlandske direkte investeringer kan investeringer gjøres i aksjer, obligatoriske og fullt konvertible obligasjoner og obligatorisk og fullt konvertible preferanseaksjer 1 av et indisk selskap av ikke-residenter gjennom to ruter. Automatisk rute Under den automatiske ruten vil utenlandske investor eller det indiske selskapet krever ingen godkjenning fra Reserve Bank eller Government of India for investeringen. Administrasjonsrute Under regjeringsruten bør den utenlandske investor eller det indiske selskapet få forhåndsgodkjenning fra Indiens regjering for utenlandsk investeringsfremmende styret FIPB , DEA, Finansdepartementet eller Institutt for industripolitisk opprykk, etter hvert som det måtte være tilfelle for investeringen.3 Støtte til investering i India. En person bosatt utenfor India 2 eller et foretak innlemmet utenfor India, kan investere i India, underlagt FDI-politikken til Indias regering. En person som er en borger i Bangladesh eller en enhet innlemmet i Bangladesh kan investere i India under FDI-ordningen, med forhåndsgodkjenning av FIPB. Videre kan en person som er statsborger i Pakistan eller et foretak som er innlemmet i Pakistan, med forhåndsgodkjenning fra FIPB investere i en Indisk selskap under FDI-ordningen, underlagt de forbud som gjelder for alle utenlandske investorer og det indiske selskapet, som mottar slike utenlandske direkte investeringer, bør ikke engasjere seg i sektorer som angår forsvars-, rom - og atomkraft. NR, bosatt i Nepal og Bhutan som vel som borgere i Nepal og Bhutan har lov til å investere i aksjer og konvertible obligasjoner av indiske selskaper under FDI-ordningen på hjemland, med forbehold om at beløpet av vederlag for slike investeringer skal kun betales ved innbetaling i gratis valuta via normale bankkanaler. Overskrivende selskapsorganer OCBs er blitt gjenkjent som en investorklasse i India med virkning fra 16. september 2003 Er det noen OCB som er inkorporert utenfor India og ikke er under ugunstig varsel av Reserve Banken, kan foreta nye investeringer under FDI-ordningen som innlemmet utenlandske enheter, med forhåndsgodkjenning fra India, hvis investeringen er gjennom regjeringsruten og med tidligere godkjenning av Reserve Bank, hvis investeringen er gjennom den automatiske ruten. Før du lager noen frie FDI under FDI-ordningen, bør en tidligere OCB gjennom sin AD bank ta en engangsertifisering fra RBI at den ikke er i den negative listen opprettholdes hos Reserve Bank of India. ADs bør også sikre at OCBer ikke opprettholder annen konto enn NRO gjeldende konto i tråd med instruksen satser i henhold til AP DIR Series Circular nr. 14 datert 16. september 2003 Videre bør denne NRO-kontoen ikke brukes til noen nye investeringer i India. Enhver ny forespørsel om åpning av NRO-nåværende konto for likvidering av tidligere investeringer holdt på ikke-repatrieringsbasis bør være Videresendt av AD-banken til Utenriksdepartementet, Reserve Bank of India, Sentralkontor, Mumbai. Imidlertid bør AD ikke lukke annen kategori av kontoer NRE FCNR NRO for OCB som er i ugunstige listen over Reserve Bank of India. Disse kontoene skal opprettholdes av de respektive AD-bankene i den frosne statusen.4 Type instrumenter. i Indiske selskaper kan utstede aksjeandeler, fullstendig og obligatorisk konvertible obligasjoner, fullstendig og obligatorisk konvertible preferanseaksjer og tegningsretter, med forbehold om prisfastsettingens retningslinjer for verdsettelse og rapporteringskrav blant annet krav som foreskrevet i FEMA Regulations. ii For så vidt angår obligasjoner gjelder bare de som er fullstendig og mandator kunne konverteres til egenkapital innen en bestemt tid, regnes som en del av egenkapitalen under FDI Policy. iii Før 30. desember 2013 var utstedelse av andre typer preferanseaksjer som ikke konvertible, eventuelt konvertible eller delvis konvertible, for å være i samsvar med retningslinjene for Eksterne kommersielle lån ECBs og fra 30. desember 2013 er det besluttet at opsjonsklausuler fremover kan tillates i aksjeandeler og obligatorisk og obligatorisk konvertible fortrinnsaksjer som skal utstedes til en person bosatt utenfor India i henhold til Foreign Direct Investment FDI Scheme Optimalitetsklausulen vil forplikte tilbakekjøp av verdipapirer fra investor til prisverdien som er fastsatt ved utøvelse av opsjonen, slik at investor kan gå ut uten sikret tilbakebetaling Avsetningen av valgklausulen skal være underlagt følgende vilkår. a Det er minimum innlåsingsperiode på ett år eller en minimums innlåsingsperiode som foreskrevet i FDI-forskriftene, avhengig av hvilket som er høyere, for eksempel forsvars - og byggutviklingssektoren der innlåsingsperioden på tre år er foreskrevet. Låsingen Perioden skal tre i kraft fra datoen for tildeling av slike aksjer eller konvertible obligasjoner eller som foreskrevet for forsvars - og byggutviklingssektorer mv i vedlegg B til Schedule 1 i Notifikasjonsnummer FEMA 20 som endret fra tid til annen. b Etter innlåsningsperioden, som ovenfor gjelder, skal ikke-hjemmehørende investor som har opsjonsrettighet, være berettiget til å gå ut uten sikret avkastning, som under. I I tilfelle av et børsnotert selskap skal ikke-hjemmehørende investor være berettiget til å gå ut til markedsprisen på de anerkjente børsene. ii I tilfelle av unotert selskap, den 3. juli 2014, skal den ikke-hjemmehørende investor være berettiget til å gå ut av investeringen i aksjeandeler i investeringsselskapet til en pris i henhold til en internasjonalt akseptert prismetode på armlengde, behørig sertifisert av en Chartered Accountant eller en SEBI-registrert Merchant Banker. Hovedprinsippet vil være at den ikke-hjemmehørende investoren ikke er garantert en sikret sluttpris på tidspunktet for å gjøre slike investeringsavtaler og skal gå ut til virkelig pris beregnet som ovenfor ved Utgangstidspunktet, med forbehold om inneværelseskrav, som det er aktuelt. 4 Et indisk selskap registrerer i sin bøker enhver overføring av sine aksjer eller konvertible obligasjoner ved salg fra en person bosatt til en ikke-hjemmehørende og en ikke - bosatt til en person bosatt skal oppgi i balansen for det regnskapsår hvor transaksjonen fant sted, detaljene for verdsettelse av aksjer eller konvertible obligasjoner, prismetoden som ble vedtatt for samme s som agenturet som har gitt sertifisering av verdsettelsen. Aktuelt betalte aksjer garanterer. Med virkning fra 8. juli 2014 har delbetalte instrumenter også blitt aktivert som FDI-kompatible instrumenter underlagt betingelser. Prisingen av de delbetalte aksjeaksjene skal være fast bestemt på forhånd og 25 av totalbeløpet inklusive eventuell overkurs, skal også mottas på forhånd. Balansen mot fullt utbetalte aksjer skal mottas innen 12 måneder. Tidsperioden for mottak av balansen innen 12 Månedene skal ikke insisteres på hvor utstedelsesstørrelsen overstiger Rupees fem hundre crore og utstederen overholder regel 17 i SEBI: s kapitalkrav og krav til offentliggjøring. ICDR-forskrifter for overvåkingsorganet På samme måte, i tilfelle et unotert indisk selskap, vil balansen kan bli mottatt etter 12 måneder hvor emisjonsstørrelsen overstiger Rupees fem hundre crores. Investeringen komp noen skal utpeke et overvåkingsorgan på samme måte som det kreves i tilfelle av et børsnotert indisk selskap i henhold til SEBI ICDR-forskriftene. Et slikt overvåkingsorgan AD Kategori -1-bank skal rapportere til investeringsselskapet som foreskrevet i SEBI-forskriften, ibid, for listen selskaper. Prissetting av tegningsretter og prisomregningsformel skal fastsettes på forhånd og 25 av vederlagsbeløpet skal også mottas på forhånd. Balansen mot fullt utbetalt egenkapitalandel skal mottas innen 18 måneder. Prisen på det tidspunktet av konvertering bør under ingen omstendigheter være lavere enn virkelig verdi utarbeidet ved utstedelse av slike warrants i samsvar med gjeldende FEMA-forskrifter og prisfastsetting retningslinjer fastsatt av RBI fra tid til annen. Investereselskapet skal således være fritt til motta mer enn forhåndsavtalt pris. Ytterligere vilkår for utstedelse av delbetalte aksjer og tegningsretter. et indisk selskap hvis aktivitetssektor faller under regjeringsruten vil kreve forhåndsgodkjenning av utenlandsk investeringsfremmende styret FIPB, indias stats for utstedelse av delbetalte aksjerelaterte tegningsretter. b Forebygging av beløp som er betalt på forhånd ved manglende betaling av samtalepenger skal være i samsvar med bestemmelsene i selskapsloven, 2013 og inntektsskatt, etter behov. c Selskapet, mens det utstedes delvis betalte aksjer eller tegningsretter, skal sikre at sektorkapitalene ikke brytes selv etter at aksjene blir fullt innbetalt eller tegningsretter omdannes til fullt utbetalte aksjer. På samme måte kjøper ikke-hjemmehørende investorer deltakende aksjer eller konvertible obligasjoner eller warrants skal sikre at sektorpapene ikke brytes selv etter at aksjene blir fullt innbetalt eller tegningsretter omdannes til fullt utbetalte aksjer. d Utsettelsen av betaling av vederlagsbeløp eller mangel på mottatt beløp i henhold til gjeldende prisreguleringer av utenlandske investorer, vil ikke bli dekket under disse retningslinjene for å bli behandlet som tegning på delvis betalte aksjer og tegningsretter. Investereselskapet under Disse retningslinjene for utstedelse av delbetalte aksjer skal garanteres for å oppfylle kravene i selskapsloven, 2013 for utstedelse av delbetalte aksjer og tegningsretter.5 Retningslinjer for prisfastsetting. Frittstående emisjon av aksjer Pris på friske aksjer utstedt til personer bosatt utenfor India under FDI-ordningen, skal være. på grunnlag av SEBIs retningslinjer for børsnoterte selskaper. ikke mindre enn virkelig verdi på aksjer fastsatt av en SEBI-registrert Merchant Banker eller en Chartered Accountant, i henhold til hvilken som helst internasjonal akseptert prismetode på arm lengde basis. Pris retningslinjene som ovenfor er underlagt pris retningslinjer som opplistet i avsnittet ovenfor, for utgang fra FDI med opsjonsklausuler av ikke-hjemmehørende investor. Ovennevnte prisretningslinjer gjelder også for utstedelse av aksjer mot betaling av engangsbeløp teknisk kunnskapsavgift royalty på grunn av tilbakebetaling eller omregning av ECB til egenkapital eller kapitalisering av forhåndsinntekningskostnader importgjeld med forutgående godkjenning av regjeringen.5 Det er avklart at hvor den forpliktelsen som ønskes omregnet av selskapet, er denominert i utenlandsk valuta som i tilfelle av ECB, import av kapitalvarer osv., vil det være for å kunne anvende valutakursen som gjelder på Datoen for avtalen mellom de berørte parter for en slik omstilling Sparebank vil ikke motsette seg om låntakerselskapet ønsker å utstede aksjeandeler for et rupeebeløp mindre enn det som er nevnt ovenfor, ved gjensidig avtale med ECBs långiver. Det kan være bemerket at virkelig verdi av aksjeandeler som skal utstedes, skal utarbeides med henvisning til datoen for konvertering only. It er videre avklart at prinsippet om beregning av INR-ekvivalent for en forpliktelse i utenlandsk valuta som nevnt i nr. 3 ovenfor, gjelder mutatis mutandis for alle tilfeller hvor eventuelle gjeldsforpliktelser fra et indisk selskap, som engangsbeløpsavgifter, osv., er tillatt å være konvertert til aksjeandeler eller andre verdipapirer som skal utstedes til ikke-hjemmehørende underlagt vilkårene fastsatt i de respektive forskriftene. Hvor utenlandske innbyggere, inkludert NRI, foretar investeringer i et indisk selskap i samsvar med bestemmelsene i selskapsloven, 1956, ved tegning av selskapets vedtekter, kan slike investeringer gjøres til pålydende, med forbehold om deres berettigelse til å investere i FDI-ordningen. Referanseutdelingen Ved utstedelse av aksjer på fortrinnsrett, skal emisjonsprisen ikke være mindre enn pris som gjelder for overføring av aksjer fra fastboende til ikke-hjemmehørende. Issue av SEZs aksjer mot import av kapitalvarer I dette tilfellet andel verdivurdering må gjøres av en komité bestående av utviklingskommissær og relevante tollpersoner. Rettaktige aksjer Prisen på aksjer som tilbys på rettighetsbasis av det indiske selskapet til utenlandske aksjonærer, skal være. Ved aksjer i et selskap som er oppført på en anerkjent børs i India til en pris som fastsettes av selskapet. For aksjer i et selskap som ikke er notert på en anerkjent børs i India, til en pris som ikke er mindre enn prisen som tilbudet på Rett grunnlag er gjort til de bosatte aksjonærene. Anskaffelse av eksisterende aksjer, private ordninger Oppkjøpet av eksisterende aksjer fra Innbygger til ikke-hjemmehørende, dvs. til innlemmet utenlandsk enhet annet enn tidligere OCB, utenlandsk statsborger, NRI, FII, ville være på a. en forhandlet pris for aksjer i selskaper notert på en anerkjent børs i India, som ikke skal være mindre enn den prisen som fortrinnsfordeling av aksjer kan gjøres i henhold til SEBI-retningslinjene, hvis det er aktuelt, forutsatt at det samme er bestemt for en varighet som spesifisert deri, før den aktuelle datoen, som skal være datoen for kjøp eller salg av aksjer. Prisen per aksje ankom, skal sertifiseres av en SEBI-registrert Merchant Banker eller en Chartered Accountant. b-forhandlet pris for aksjer i selskaper som ikke er notert på en anerkjent børs i India, og som ikke skal være mindre enn virkelig verdi utarbeidet i henhold til en internasjonalt akseptert prismetode for verdsettelse av aksjer på armlengde, behørig sertifisert av en Chartered Accountant eller en SEBI-registrert Merchant Banker. Videre skal overføring av eksisterende aksjer av ikke-hjemmehørende, dvs. ved innlemmet utenlandsk enhet, tidligere OCB, utenlandsk statsborger, NRI, FII til Resident ikke være mer enn minimumsprisen ved hvilken overføringen av aksjer kan gjøres fra en person bosatt til en ikke-hjemmehørende som angitt ovenfor. Prissetting av aksjer Konvertible obligasjoner fortrinnsaksjer bør avgjøres bestemt på forhånd ved tidspunktet for utstedelsen av instrumentene. Prisen for konvertible instrumenter kan også være en bestemt basert på konverteringskomponenten som må fastsettes fast på forhånd, bør prisen på konverteringsstedet imidlertid ikke være mindre enn virkelig verdi utarbeidet ved tidspunktet for utstedelse av disse instrumentene, i samsvar med de gjeldende FEMA-forskriftene. Prisretningslinjene som ovenfor er underlagt retningslinjer for prisfastsetting som nevnt i avsnittet ovenfor, for utgang fra FDI med opsjonsklausuler av ikke-hjemmehørende investor.6 Betalingsmåte. En indisk selskap som utsteder aksjer konvertible obligasjoner under FDI-ordningen til en person bosatt utenfor India skal motta beløpet av vederlag som kreves for å bli betalt for slike aksjer konvertible obligasjoner av. Jeg innbetalinger via normale bankkanaler. ii debet til NRE FCNR konto for en berørt person vedlikeholdt med en AD kategori I bank. iii Konvertering av royalty lump sum sum teknisk avgift for avgift for betaling av innførsel av kapitalvarer ved enheter i SEZ eller omregning av ECB, skal behandles som vederlag for utstedelse av aksjer. iv Konvertering av importgjeldselskaper Pre-inkorporeringskostnader Aksjebytte kan behandles som vederlag for utstedelse av aksjer med godkjenning av FIPB. v debet til ikke-rentebærende Escrow-konto i indiske rupees i India som åpnes med godkjenning fra AD Kategori I-bank og opprettholdes med AD Kategori I-bank på vegne av innbyggere og ikke-bosatte mot betaling av aksjekjøpsavgift. Aksjene eller konvertible obligasjoner utstedes ikke innen 180 dager fra datoen for mottak av innbetaling eller debitering til NRE FCNR B Escrow-konto, skal beløpet refunderes. Videre kan Reservebanken på en søknad gjort til det og av tilstrekkelige grunner tillate et indisk selskap å tilbakebetale allot-aksjer for beløpet av mottatt vederlag mot sikkerhetsstillelse dersom beløpet er utestående over 180 dager fra mottakstidspunktet.7 Utenlandske investeringsgrenser, forbudte sektorer og investeringer i MSEs. a Utenlandske Investeringsgrenser. Opplysningene om inntaksveien og den maksimale tillatte utenlandske investeringssektorkapitalen i et indisk selskap er bestemmende Ned av sektoren der den opererer. Nærmere informasjon om inngangsruten som gjelder sammen med sektoravtalen for utenlandske investeringer i ulike sektorer, er gitt i vedlegg -1.b Investeringer i Micro og Small Enterprise MSE. Et selskap som regnes som Micro og Small Enterprise MSE tidligere Small Scale Industrial Unit i forhold til MSMED Act, Microsofts, Small and Medium Enterprises Development, 2006, inkludert en eksportorientert enhet eller en enhet i frihandelssone eller i eksportbehandlingssone eller i en programvareteknologipark eller i en elektronisk maskinvareteknologipark og som ikke er engasjert i noen aktivitetssektor nevnt i vedlegg 2, kan utstede aksjer eller konvertible obligasjoner til en person bosatt utenfor India enn en person bosatt i Pakistan og til en person bosatt i Bangladesh under godkjenningsrute, underlagt foreskrevne grenser etter FDI-policy, i samsvar med oppføringsruter og bestemmelse av utenlandsk direkte investeringspolitikk, som varslet av handelsdepartementet Ry, Indias regering, fra tid til annen. Enhver industrivirksomhet, med eller uten FDI, som ikke er en MSE, har en industriell lisens i henhold til bestemmelsene i Industry Development Act, 1951, for produksjon av produkter reservert for MSE-sektoren, kan utstede aksjer til personer bosatt utenfor India, bortsett fra hjemmehørende enhet i Pakistan, og til en hjemmehørende enhet i Bangladesh med forhåndsgodkjenning FIPB, i den utstrekning 24 prosent av sin opptjente kapital eller sektoravsetning, som er lavere. Utstedelse av aksjer i overskudd av 24 prosent av innbetalt kapital skal kreve forhåndsgodkjenning av FIPB fra den indiske regjeringen og skal være i samsvar med vilkårene for slik godkjenning. Videre, i henhold til bestemmelsene i MSMED Act, er jeg i saken av foretakene som er involvert i produksjon eller produksjon av varer som gjelder enhver bransje som er angitt i den første tidsplanen til Industry Development and Regulation Act, 1951, betyr en mikrovirksomhet hvor invekten sting i anlegg og maskiner ikke overstiger tjuefem lakh rupees en liten bedrift betyr hvor investeringen i anlegg og maskiner er mer enn tjuefem lakh rupees men ikke overstiger fem crore rupees ii i tilfelle av bedrifter engasjert i å levere eller rendering tjenester , en mikrovirksomhet betyr hvor investeringen i utstyr ikke overstiger ti lakh rupees, betyr et lite foretak hvor investeringen i utstyr er mer enn ti lakh rupees, men overstiger ikke to crore rupees. c Forbud mot utenlandske investeringer i India. Jeg Utenlandsk investering i noen form er forbudt i et selskap eller et partnerskap eller en proprietær virksomhet eller enhver enhet, enten det er innlemmet eller ikke, som foreninger som er forpliktet eller foreslår å engasjere seg i følgende aktiviteter..Nidhi Company, eller. Landbruk eller plantasjevirksomhet, eller. Eiendomsmegling, eller bygging av gårdshus, eller. Trading i overførbare utviklingsrettigheter TDR. ii Det er tydeliggjort at eiendomsmegling betyr handel med fast eiendom med sikte på å tjene profitt eller inntektsinntekt derfra og inkluderer ikke utvikling av townships, bygging av boligområder, veier eller broer, utdanningsinstitusjoner, rekreasjonsfasiliteter, by og regional nivå infrastruktur, townships. It er ytterligere tydeliggjort at partnerskap firmaer proprietorship bekymrer å ha investeringer som per FEMA forskrifter er ikke tillatt å engasjere seg i utskriftsmedia sektor. iii I tillegg til ovennevnte er utenlandsk investering i form av FDI også forbudt i visse sektorer som vedlegg 2. en lotteri-virksomhet, inkludert statlig privat lotteri, online lotterier, osv. b Gambling og spill inkludert kasinoer etc c Business of Chit-midler d Nidhi Company e Trading i overførbare utviklingsrettigheter TDRs f Real Estate Forretninger eller bygging av gårdshus g Produksjon av sigarer, sigariller og sigaretter, tobakk eller tobakkens erstatninger h Aktivitetssektorer som ikke er åpne for investering i privat sektor, f. eks. Atom-energi og jernbanetransport, bortsett fra Mass Rapid Transport Systems. Merk Utenlandsk teknologisamarbeid i enhver form, inkludert lisensiering for franchise, varemerker, merkenavn, ledelse Kontrakt er også forbudt for Lottery Business og Gambling and Betting activities.7 7A Gruppeselskap betyr to eller flere bedrifter som direkte eller indirekte er i posisjon til. Jeg trener seks prosent, eller mer av stemmerett i andre foretak eller. ii utnevne mer enn femti prosent av styremedlemmer i det andre foretaket.8 Moduser av investeringer under utenlandsk direkte investeringsordning. Foreign Direkte Investering i India kan gjøres gjennom følgende moduser.8 En utstedelse av ferske aksjer av selskap. Et indisk selskap kan utstede friske aksjer konvertible obligasjoner under FDI-ordningen til en person bosatt utenfor India som er kvalifisert for investering i India, underlagt overholdelse av den eksisterende FDI-policyen og FEMA-forordningen.8 B Anskaffelse ved overføring av eksisterende aksjer av person bosatt i eller utenfor India. Investorene kan også investere i indiske selskaper ved å kjøpe anskaffelse av eksisterende aksjer fra indiske aksjonærer eller fra andre utenlandske aksjonærer. Generell tillatelse er gitt til ikke-hjemmehørende NRIer for overtakelse av aksjer ved overføring på følgende måte.8 BI Overføring av aksjer av en person bosatt utenfor India. a Ikke bosatt i ikke-resident salgs gave En person resi Dekk utenfor India, med unntak av NRI og OCB, kan overføre ved salg eller gave, aksjer eller konvertible obligasjoner til enhver person bosatt utenfor India, inkludert NRI, men unntatt OCB. Notatoverføring av aksjer fra eller ved tidligere OCB ville kreve forhåndsgodkjennelse fra Reserve Bank av India. b NRI til NRI Salg Gift NRIs kan overføre ved salg eller gave av aksjene eller konvertible obligasjoner som de innehar til en annen NRI. c Non Resident til Resident Sale Gift. I gave En person bosatt utenfor India kan overføre sikkerheten til en person bosatt i India som gave. ii Salg under privatavtale Generell tillatelse er også tilgjengelig for overføring av aksjer konvertible obligasjoner, ved salg under privat arrangement av en person bosatt utenfor India til en person bosatt i India i tilfelle hvor overføring av aksjer er under SEBI regelverk og hvor FEMA Prissetningslinjer er ikke oppfylt, med forbehold for følgende. Den opprinnelige og resulterende investeringen overholder de gjeldende FDI-retningslinjene for FEMA. Prisene overholder de relevante SEBI-forskriftene som IPO, bokbygging, blokkeringsavtaler, avnotering, utgang, åpent tilbud betydelig oppkjøp SEBI SAST og tilbakekjøps - og. CA-sertifikat, slik at overholdelse av relevante SEBI-forskrifter som angitt ovenfor, er vedlagt FC-TRS-skjemaet som skal arkiveres med AD-bankplikten med rapportering og andre retningslinjer som angitt i vedlegg 3. Notatoverføring av aksjer fra en ikke-bosatt til å være bosatt annet enn under SEBI-forskriftene og hvor FEMAs retningslinjer for prisfastsettelse ikke er oppfylt, ville kreve at e forhåndsgodkjenning av Reserve Bank of India. iii Salg av aksjer konvertible obligasjoner på børsen av person bosatt utenfor India En person bosatt utenfor India kan selge aksjene og konvertible obligasjoner fra et indisk selskap på en anerkjent børs i India gjennom en aksjemegler registrert i børs eller en handelsbanker registrert hos SEBI. AD Kategori I-bank kan utstede bankgaranti uten forhåndsgodkjennelse fra Reserve Bank på vegne av ikke-hjemmehørende overtakende aksjer eller konvertible obligasjoner fra et indisk selskap gjennom åpne tilbud delisting av tilbud, gitt 8.a transaksjonen er i samsvar med bestemmelsene i Securities and Exchange Board of India Vesentlig kjøp av aksjer og overtakelse SEBI SAST Regulations. b garantien gitt av AD Kategori I banken er dekket av en motgaranti av en bank av internasjonalt rykte. Det kan bemerkes at garantien skal være gyldig for en kontraktsperiode med tilbudsperioden som kreves i henhold til SEBI SAST-forskriftene Ved innkalling av garantien er AD Kategori-I-banken pålagt å sende til hoveddirektør, valutamarked, Reserve Bank of India, Central Office, Mumbai 400001, en rapport om omstendigheter som fører til innkalling av garantien. Overføring av aksjer konvertible obligasjoner fra Resident til person Resident utenfor India. En person bosatt i India kan overføre ved salg, aksjer konvertible obligasjoner inkludert overføring av abonnent s aksjer, av et indisk selskap under privat arrangement til en person bosatt utenfor India, emne til følgende alongwith prissetting, rapportering og andre retningslinjer gitt i vedlegg - 3.a hvor overføring av aksjer krever FIPBs forhåndsgodkjenning i henhold til gjeldende FDI-policy, forutsatt at den nødvendige FIPB-godkjenning er innhentet og. ii overføringen av aksjen overholder retningslinjene for prising og dokumentasjon som spesifisert av Reserve Bank of India fra tid til annen. b hvor SEBI SAST-retningslinjene er tiltrukket, underlagt overholdelse av prisretningslinjene og dokumentasjonskravene som angitt av Reserve Bank of India fra tid til tid. c hvor prissettingsretningslinjene under FEMA, 1999 ikke er oppfylt, forutsatt at den resulterende FDI er i complia NCE med de gjeldende FDI-retningslinjene og FEMA-forskriftene når det gjelder sektorkapsler, betingelser som minimumskapitalisering mm, rapporteringskrav, dokumentasjon, etc. ii Prisen for transaksjonen er i samsvar med spesifikke eksplisitte og relevante SEBI-regler som IPO, bokavtale, blokkavtaler, avnotering, åpent avgangstilbud, betydelig oppkjøp SEBI SAST og. iii CA-sertifikat, slik at overholdelse av relevante SEBI-forskrifter som angitt ovenfor er vedlagt FC-TRS-skjemaet som skal arkiveres med AD banken. hvor investeringsselskapet er i sektoren for finansielle tjenester, forutsatt at. 9 Med virkning fra 11. oktober 2103 er kravet om NOC s fra de respektive tilsynsmyndighetene regulatorene i investeringsselskapet samt overførsels - og overtakende enheter og innlevering av slike NOCs sammen med Form FC-TRS med AD-banken er fraviket fra Utenriks Exchange Management Act 1999, og ingen slike NoCs må arkiveres sammen med skjema FC-TRS En eventuell egnet og behørig due diligence-krav med hensyn til den ikke-hjemmehørende investor som fastsatt av den respektive finanssektorens regulator må imidlertid overholdes. ii FDI-retningslinjene og FEMA-forskriftene når det gjelder sektorkapsler, vilkår slik som minimumskapitalisering mv., rapporteringskrav, dokumentasjon osv. overholdes. Merknad Generell tillatelse ovenfor dekker også overføring av bosatt til en ikke-resident av aksjer, konvertible obligasjoner fra et indisk selskap, engasjert i en aktivitet som tidligere er dekket under regjeringsruten men som nå faller under den automatiske ruten til Reserve Bank, samt overføring av aksjer av en ikke-hjemmehørende til et indisk selskap under tilbakekjøps - eller kapitalinnskuddssystem av selskapet. Denne generelle tillatelsen ville imidlertid ikke være tilgjengelig for de ovennevnte transaksjonene hvis de oppfyller ikke retningslinjene for prising eller i tilfelle overføring av aksjebrev i form av gave fra en Resident til en ikke-Resident Non-Re sident Indian.8 B III Overføring av Aksjer av Resident som krever regjeringens godkjenning. Følgende tilfeller av overføring av aksjer fra innbyggere til ikke-hjemmehørende ved salg eller på annen måte krever regjeringens godkjenning. Jeg Overføring av aksjer i selskaper som driver med sektor fa. Home Reserve Bank of India Retningslinjer for Forex. Liberalised Remittance Scheme oppdatert til 17. september 2010 Reserve Bank of India hadde kunngjort en liberalisert Remittance Scheme ordningen i februar 2004 som et skritt mot ytterligere forenkling og liberalisering av utenlandsk valuta fasiliteter tilgjengelig for bosatt individer I henhold til ordningen kan innbyggere enkeltgjøre opptil USD 200 000 per regnskapsår for eventuelle tillatte kapital - og nåværende kontotransaksjoner eller en kombinasjon av begge. Ordningen var operasjonell vide AP DIR-serie Sirkulær nr. 64 datert 4. februar 2004. Q 1 Hva er det Liberalized Remittance Scheme på USD 200 000. I henhold til Liberalized Remittance Scheme er alle bosattpersoner, inkludert mindreårige, lov til å fritt oppgi USD 200 000 per regnskapsår i april mars for enhver tillatelse for nåværende eller kapitalkonto eller en kombinasjon av begge. Q 2 Vennligst oppgi en illustrativ Liste over kapitalkontotransaksjoner tillatt i henhold til ordningen. I henhold til ordningen kan bosatt individer erverve og holde fast eiendom eller aksjer eller gjeldsinstrumenter eller andre eiendeler utenfor India uten forhåndsgodkjennelse fra Reservebanken. Personer kan også åpne, vedlikeholde og holde 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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