FEMAに基づくFDIのコンプライアンス

For a country like Indian where capital is not readily available at all times, Foreign Direct Investment (FDI) has been an important source of funds for companies. Under FDI, overseas money, either by an individual or entity, is invested in an Indian company.

In India, Foreign Direct Investment policy is regulated under the Foreign Exchange Management Act, 1999 governed by the Reserve Bank of India. According to the Organization for Economic Co-operation and Development (OECD), an investment of 10% or above from overseas is considered as FDI.

FEMA has acted as an important source for the growth and development of various sectors in India. The main aim of FEMA is to facilitate external trade, balance payments, promote orderly development, and maintain the foreign exchange market in India.

What is FDI?

Foreign Direct Investment (FDI) is an organization’s transfer of funds from one country to another in order to create ‘lasting interest.’ According to the OECD (Entity for Economic Co-operation and Development), if the entity acquires at least 10 percent of voting power in another organization, a permanent interest is calculated.

FDI’s definition isn’t limited to international capital movement alone. Its concept also includes the international movement of complementary elements of capital-such as skills, systems, management, technology, etc.

Foreign Direct Investment (FDI) is one of the Indian company’s main sources of funds. Under FDI, money from individuals or from foreign companies is invested in Indian startups and existing companies. The FDI Policy is governed by the Reserve Bank of India (RBI) under the Foreign Exchange Management Act (FEMA) 2000.

In India, the Foreign Direct Investment Policy is regulated by the Reserve Bank of India’s Foreign Exchange Management Act, 1999. An investment of 10 percent or above from overseas is known as FDI, according to the Organization for Economic Co-operation and Development (OECD).

How can an Indian Company Receive Foreign Direct Investment?

Foreign Direct Investment in an Indian company can be made mainly through two routes:

1. Automatic Route

According to Regulation 16 of FEMA 20 (R), foreign investment is permitted through the automatic route without receiving any prior approval of the Government or the Reserve Bank of India, in all the activities or sectors. In simpler words- under the Automatic Route, the non-resident investors do not require prior approval from the Government of India or RBI.

->Sectors where FDI is allowed under Automatic Route:

• 農業
• 畜産
• Eコマース事業
• ヘルスケア
• 製造業
• 繊維・衣料品
• 資本財

2. Government/ Approved Route

Under the Government route, approval from the Government authorities or Ministries is required through the Foreign Investment Facilitation Portal (FIFB). FIFB is regulated by the Dept of Industrial Policy & Promotion (DIPP). This means, any and all investments not covered under Automatic Route fall under the Approved Route.

->Sectors where FDI is allowed Government Route:

• Banking & Public Sector – 20%
• Core investment company – 100%
• Food Products Retail Trading – 100%
• Multi Brand Retail Trading – 15%

Sectors where FDI is not allowed under both Automatic and Government Route:

• 宝くじ事業（プライベート宝くじ、オンライン宝くじなど）
• ニディ・カンパニー（Nidhi company）
• チット・ファンド（Chit funds）
• 不動産業
• 建設業
• カジノ（ギャンブルおよび賭博）
• 原子力

What are the Compliances set up by FEMA for Foreign Direct Investment?

Ever since coming into existence, FEMA has acted as a crucial source in India for the growth and development of different sectors. FEMA’s main aim is to promote international trade and orderly growth, balance payments, and maintain India’s international exchange market. Here is the list of main compliance to be followed under FEMA’s provisions:

1. Annual Return on Foreign Liabilities and Assets

過去の会計年度または当年度にFDI（外国直接投資）を受け入れた、あるいはODI（海外直接投資）を行ったすべてのインド居住企業は、年次報告書の提出が義務付けられています。この年次報告は「外国資産・負債報告書（FLA Return）」と呼ばれます。

報告年度末の時点で、当該インド企業に外国直接投資またはODIに関する未決済の投資残高がない場合、企業はFLA Returnを提出する義務はありません。

また、当該インド企業が新規の外国直接投資または海外直接投資（ODI）を受け取っていない場合でも、毎年7月15日までにFLA Returnを提出する必要があります。

2. Annual Performance Report (APR)

Any resident individual or an Indian party or entity who has made any Overseas direct Investment needs to submit an Annual Performance Report (APR) IN Form ODI Part II to the AD bank. This report is filed with respect to Joint Venture (JV), Wholly Owned Subsidiaries (WOS) outside India. This must be done on or before 31st December every year.

3. External Commercial Borrowings

借入人は、すべての対外商業借入（ECB）取引を、ADカテゴリーI銀行を通じて毎月インド準備銀行（RBI）に報告する必要があります。この報告には、毎月提出する「ECB2 Return」という様式を使用します。

4. Single Master Form (w.e.f. 30-06-2018)

Under the head Single Master Form FC-GPR, LLP-I, LLP-II, FC-TRS, CN, ESOP, DI, DRR, InVi are to be filed and submitted. On September 1, 2018, The Reserve Bank of India also released a user manual to bring clarity regarding the procedure for filing a single master form, which was introduced on June 7, 2018.

このフォームは、インドにおける外国投資に関する既存の報告基準を統合する目的で導入されました。

5. 事前報告書（ARF）

インド企業がFDIスキームに基づき、株式またはその他の適格証券の発行のためにインド国外から投資を受け取った場合、インド準備銀行の管轄地域事務所に報告しなければなりません。金額の詳細は、株式発行日から30日以内にADカテゴリー銀行を通じて提供する必要があります。

6. FC-GPR様式

FC-GPR様式は、1999年外国為替管理法に基づきインド準備銀行（RBI）が発行するものです。主に、企業が外国投資を受け入れ、その投資に対して外国投資家に株式を割り当てる際に提出が求められます。

企業は、株式の割り当てに関する必要事項を30日以内にRBIへ届け出る義務があります。この際、外国通貨グロス暫定申告（Foreign Currency-Gross Provisional Return）であるFC-GPR様式を使用して報告を行う必要があります。

7. FC-TRS様式

FC-TRS様式（外国通貨譲渡様式）は、インド国外居住者が株式を譲渡する際、またはインド居住者との間で株式の譲渡が行われる際に使用されます。FC-TRS様式はFC-GPR様式と併せて、指定の認定ディーラー銀行に提出する必要があり、その後、銀行を通じてRBIへ送付されます。

8. ODI様式

ODI様式は、居住者個人またはインドの法人が海外投資を行う際に提出が義務付けられています。関係当事者は、海外の合弁会社（JV）や完全子会社（WOS）への投資を証明する株券やその他の証憑を、30日以内に指定の認定ディーラー（AD）へ提出しなければなりません。