FEMAに基づくODIコンプライアンス

グローバル化が進む現代において、多くのインド企業が海外市場への大規模な投資に乗り出しています。海外直接投資（ODI）は、企業がより新しく広大な市場や優れた技術に直接アクセスすることを可能にし、顧客基盤の拡大とグローバルな展開を実現する助けとなります。しかし、意図せず規制に違反してしまうリスクもあり、インド居住者によるインド国外の完全子会社や合弁会社への投資は、FEMA（外国証券の譲渡または発行）（改正）規則（2004年）によって管理されています。

海外直接投資（ODI）とは何か？

外国為替管理（外国証券の譲渡または発行）規則の第2条(e)に基づき、インド国外の者による投資とは以下を指します：

• 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. 

インドの当事者がODIを行うための資金源にはどのようなものがあるか？

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.

FEMAに基づくODI規制のコンプライアンス

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.

ODI規制の下で起こり得る違反にはどのようなものがあるか？

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.

• インドの当事者が直接的または間接的に株式を保有する海外事業体が、インド準備銀行の特別な承認を得ることなく、インドルピーに連動した金融商品（外国通貨、ルピー為替レート、インド市場に連動した株価指数などを含むノンデリバラブル取引など）を提供すること。

• 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.

ODIコンパウンディング（和解）申請時に提供すべき重要な詳細情報

• 申請者名。
• 設立日。
• 所得税PAN（納税者番号）。
• 事業内容。
• 海外事業体名。
• 海外事業体の設立日。
• 海外事業体の事業内容。
• 事業体の性質（完全子会社/合弁会社）。
• 送金詳細（送金日、外貨およびインドルピーでの金額）。
• その他の財務的コミットメントの詳細。
• 申請および受領したUIN（固有識別番号）の詳細。
• 株券受領日。
• 必要に応じて、他の規制当局の承認。
• 提出済みのAPR（年次業績報告書）の詳細：対象期間、提出日。
• 違反の性質およびその理由。
• すべての裏付け書類を提出すること。