En la era actual, marcada por la globalización, muchas empresas indias están expandiéndose fuera del país para realizar inversiones sustanciales en los mercados internacionales.
La inversión directa en el extranjero (ODI, por sus siglas en inglés) ayuda a las empresas a obtener acceso directo a mercados más nuevos y extensos, así como a mejores tecnologías que les permitirán aumentar su base de clientes y alcanzar un alcance global. Sin embargo, para evitar la violación involuntaria de las normativas, la inversión en filiales de propiedad absoluta y empresas conjuntas fuera de la India por parte de una persona residente en la India se rige por el Reglamento de FEMA (Transferencia o Emisión de Valores Extranjeros) (Enmienda) de 2004.
1. ¿Qué es una Inversión Directa en el Extranjero (ODI)?
De acuerdo con la Sección 2(e) del Reglamento de Gestión de Divisas (Transferencia o Emisión de cualquier Valor Extranjero), cualquier inversión realizada por una persona fuera de la India:
- By the way of purchasing existing shares of foreign entity which can be joint venture or wholly owned subsidiary, or
- By making contribution to the capital of the foreign entity, or
- By making subscription to the memorandum of the foreign entity
- But does not include portfolio investment
Is considered to be an Overseas direct Investment.
2. ¿Cuáles son las fuentes para realizar una ODI con una parte india?
The following ways are a few examples through which overseas direct investment with an Indian party can be carried out:
- Acquisition of the shares of foreign entities by way of exchange of the shares of the Indian Party.
- By drawal of foreign exchange from an AD bank in India.
- Capitalization of exports (the amount which is remained unrealized against exports proceeds) and other dues and entitlements.
- Proceeds of External Commercial Borrowings / Foreign Currency Convertible Bonds. In exchange of ADRs / GDRs issued in accordance with the Scheme for issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 and the guidelines issued by Government of India in the matter.
- Balances held in Exchange Earners Foreign Currency account of the Indian Party maintained with an Authorized Dealer.
- Proceeds of foreign currency funds raised through ADR / GDR issues.
3. Cumplimiento de las regulaciones de ODI bajo FEMA
There are in total 8 FEMA compliances under Foreign Direct Investment norms, that help strike a fair and transparent governance of the transactions that take place. The compliance of ODI regulations is one of the 8. Under FEMA, An Indian Party and a Resident Individual making an overseas investment is required to submit Form ODI. When they receive share certificates or any other documentary evidence of investment in the foreign Joint Ventures (JV)/Wholly Owned Subsidiaries (WOS) as an evidence of investment and submit the same to the designated AD within 30 days.
| Particulars of Compliance |
Details of Compliance |
Who is required to Comply |
Due Date |
Key Points |
| Form ODI |
Overseas investments (or financial commitment) in Joint Ventures (JV) and Wholly Owned Subsidiaries (WOS) |
An Indian Party and a Resident Individual making an overseas investment is required to submit Form ODI |
Receive share certificates or any other documentary evidence of investment in the foreign JV/WOS as evidence of investment and submit the same to the designated AD within 6 months |
In case of disinvestment, sale proceeds of shares/securities shall be repatriated to India immediately on receipt thereof and in any case not later than 90 days from the date of sale. Documentary evidence shall be submitted to the Reserve Bank through the designated
Authorised Dealer.
|
4. ¿Cuáles son las posibles infracciones bajo las regulaciones de ODI?
Here are a few violations that one should avoid in order to save themselves from any contravention of ODI regulations under FEMA:
- An Indian Party invests in prohibited sectors viz. real estate or banking business without the prior approval of RBI.
- Una entidad extranjera, que cuenta con participación accionaria directa o indirecta de una parte india, ofrece productos financieros vinculados a la rupia india (por ejemplo, operaciones sin entrega física que involucran moneda extranjera, tipos de cambio de rupias, índices bursátiles vinculados al mercado indio, etc.) sin la aprobación específica del Banco de la Reserva de la India.
- An Indian Party breaches the limit of 400% of net worth limit, without seeking prior approval of RBI.
- Indian Party failed to seek prior approval of RBI for financial commitment (FC) exceeding USD 1 (one) billion (or its equivalent) in a financial year even when the total FC of the Indian Party is within the eligible limit under the automatic route, which means- within 400% of the net worth as per the last audited balance sheet.
- The Indian Party or entity extends loan /guarantee to an overseas JV/WOS in which it has no equity participation without the approval of RBI.
- The Indian Party routes transactions through different branches or different AD Banks or Indian Party fails to obtain valuation report in case of partial or full acquisition of an existing foreign company, where the investment is more than USD 5 million.
- Indian Party issues corporate guarantee on behalf of second generation or subsequent level step down operating subsidiaries without the approval of RBI.
- Portfolio investments by a listed entity or investment by Mutual funds beyond the prescribed limit.
- Restructuring of the balance sheet of the overseas entity involving write off of capital and receivables beyond prescribed limit without approval of RBI.
- Failure to receive share certificates or any other documentary evidence of investment in the foreign JV/WOS as an evidence of investment by Indian Party or failure to submit the same to the designated AD within 6 months.
- Failure to repatriate all dues receivable from the foreign JV/WOS, like dividend, royalty, technical fees, etc., to India by the Indian Party.
- Failure to submit an Annual Performance Report in Part III of Form ODI in respect of each JV or WOS outside India to the Reserve Bank through the designated Authorized Dealer.
- Failure to provide the details of the decisions taken by a JV/WOS regarding diversification of its activities or setting up of step down subsidiaries to the Authorised Dealer.
- Failure to report any alteration in share holding pattern within 30 days of the approval of those decisions by the competent authority concerned of such JV/WOS in terms of the local laws of the host country.
- In case of disinvestment, failure to repatriate sale proceeds of shares or securities to India immediately on receipt thereof and in any case within 90 days from the date of sale of the shares /securities and/ or failure to submit documentary evidence to this effect to the Authorised Dealer bank.
5. Algunos detalles importantes que deben proporcionarse con la solicitud de composición de ODI
- Nombre del solicitante.
- Fecha de constitución.
- PAN del impuesto sobre la renta.
- Naturaleza de las actividades realizadas.
- Nombre de la entidad extranjera.
- Fecha de constitución de la entidad extranjera.
- Naturaleza de las actividades realizadas por la entidad extranjera.
- Naturaleza de la entidad: WOS/JV.
- Detalles de la remesa enviada: fecha de la remesa, importe en moneda extranjera y en INR.
- Detalles de otros compromisos financieros.
- Detalles del UIN solicitado y recibido.
- Fecha de recepción del certificado de acciones.
- Aprobación de otros reguladores, si es necesario.
- Detalles de los APR presentados: para el período finalizado; fecha de presentación.
- Naturaleza de la contravención y razones de la misma.
- Se pueden presentar todos los documentos justificativos.
