印度实体/居民个人进行境外直接投资（ODI）的规范

如今，印度企业正积极走出国门，在国际市场上进行大规模投资。这些海外直接投资（ODI）呈现出非常健康的增长趋势，但参与此类交易必须满足一定的规范要求。

1. What does “Overseas Direct Investment” transactions mean?

境外直接投资是指通过以下方式对合资企业（JV）和全资子公司（WOS）进行的投资：

– 认购外国实体的组织章程大纲；或

– 通过市场购买、私募或证券交易所购买外国实体的现有股份

对合资企业（JV）或全资子公司（WOS）的海外投资，已被公认为提升印度企业家全球影响力的重要途径。

境外直接投资相关交易受《1999年外汇管理法》第6(3)条(a)款及2004年7月7日发布的第FEMA.120/RB-2004号通知所规定的《外汇管理（任何外国证券的转让或发行）条例》管辖。

2. 印度境外直接投资的渠道有哪些？

• 自动审批通道- 无需印度储备银行（RBI）批准。
• 审批通道- 须经印度储备银行（RBI）批准。

3. 海外直接投资（ODI）的一般性禁止规定

根据《外汇管理法》（FEMA）法规的规定，任何印度实体在获得印度储备银行批准的前提下，均可对从事以下行业的外国实体进行投资或做出财务承诺：

1. 房地产；
2. 银行业务。

根据2004年7月7日发布的第FEMA 120/RB-2004号通知，房地产（定义见该通知）和银行业务属于海外直接投资的禁止领域。

不过，在印度运营的印度银行若要设立海外合资企业或全资子公司，需根据《1949年银行业监管法》，获得印度储备银行中央办公室银行监管部（DBR）的许可。

注： 此处房地产指房地产交易或可转让发展权（TDR）。但上述限制不适用于：

1. 城镇开发；
2. 住宅/商业楼宇、道路和桥梁的建设。

4. 海外直接投资（ODI）项下证券的购买与收购方式

1. 使用居民外币（RFC）账户中的资金进行的投资；

2. 因持有外币股份而获得的红股；

3. 非印度永久居民使用其印度境外的外币资源进行的投资；

4. 印度居民通过接受印度境外人士赠与而获取的外国证券；

5. 印度居民个人通过境外公司发行的无现金员工持股计划（ESOP）收购股份，前提是此类收购不涉及从印度汇出资金；

6. 印度居民通过继承方式从任何人士（无论其是否为印度居民）处获取股份；

7. 印度居民个人收购外国公司根据其员工持股计划（ESOP）提供的股权，但须符合特定条件。

8. 居民个人在以下情况下收购股份：
   1. 为担任境外公司董事而持有的资格股，且符合该公司所在国法律规定的限额且不超过收购时“自由汇款计划”（LRS）为居民个人规定的限额；
   2. 作为向外国公司提供专业服务的报酬或董事酬金的全部或部分对价。此类股份的收购价值上限不得超过收购时“自由汇款计划”（LRS）为居民个人规定的总限额；
   3. 供股（前提是原始股份的发行符合《外汇管理法》法规的规定）；
   4. 印度发起人公司的员工/董事购买该公司海外合资企业/全资子公司的股份（须符合特定条件）；
   5. 印度公司居民员工根据美国存托凭证（ADR）/全球存托凭证（GDR）挂钩的股票期权计划购买外国证券；

9. 外国公司回购根据员工持股计划（ESOP）向印度居民发行的股份；

10. 符合条件的境外公司可通过国内存管机构发行印度存托凭证（IDR）。此项许可的授予须遵守《2004年公司（存托凭证发行）规则》及其后续修订，以及不时修订的《印度证券交易委员会（SEBI）披露与投资者保护（DIP）指南》。若在印度设有分支机构或子公司的金融/银行公司通过发行IDR筹集资金，则在发行前应获得行业监管机构的批准；

11. 外国机构投资者（FII）为衍生品交易维持抵押品——清算公司和清算会员在外国存管机构开设证券账户，并持有、收购、质押和转让外国机构投资者提供的作为抵押品的外国主权证券；

5. 资金来源有哪些？

Funding for overseas direct investment can be made by one or more of the following sources:

• 市场购买
• 提取外汇
• 股份置换
• 出口及其他应收款项和权益的资本化——外币可转换债券（ECB）/外币可转换债券（FCCB）收益
• 以发行的ADR/GDR进行交换
• 出口创汇者外币账户（EEFC）余额
• ADR/GDR发行收益

For any capitalization of exports, along with Form ODI, a custom certified copy of the invoice raised towards the export has to be submitted to RBI.

6. 海外直接投资的报告要求

6.1 At time of Initial Investment:

1. Part I of the Form ODI has to be filed by an Indian Party within 30 days of Investment with the designated Branch of Authorized Dealer Bank along with the following annexures:

• Certified Copy of Board Resolution approving the Investment Outside India.
• Remittances Proofs i.e. Bank Documents of payments.
• Statutory Auditors Certificate.
• Form A2 (It is submitted to Banks at the time of remittance Outside India).
• Valuation report for the value of shares.

2. After receiving the aforesaid documents, AD Bank shall verify all the Documents and forward the same to the Reserve Bank of India. Later, RBI allots a Unique Identification Number (UIN) for that particular JV/WOS.

3. It is important to note that before submitting Part I of ODI, ensure that all APRs due on the Company have been filed.

6.2 At time of Subsequent Investment:

Report to the Authorized Dealer Bank by Submitting the Part I of the Form ODI within 30 days of Investment along with all documents as prescribed above.

7. Post Investment Obligations of Indian Party

Here, an ¨Indian Party¨ refers to a company incorporated in India or a body, that is created under an Act of the Parliament or a partnership firm registered under the Indian Partnership Act, 1932, or a Limited Liability Partnership (LLP) that is registered under the Limited Liability Partnership Act, 2008, making an investment in a JV/WOS abroad. Furthermore, it also includes any other entity in India as may be notified by the Reserve Bank.

Post Investment, an Indian party is meant to following the obligations mentioned below:

1. Receive Share Certificates/Other Documentary Evidence: An Indian Party shall Receive share certificates/ any other documentary evidence of investment in the overseas JV / WOS and submit the same to the designated AD within 6 months.

2. Repatriation of Dues: Repatriate to India all dues receivable from the overseas JV/WOS, like dividend, royalty, technical fees etc within 60 days of its falling due, or such further period as the Reserve Bank may permit.

3. Submission of Annual Performance Report (APR): Submission of APR in Part II of Form ODI in respect of each JV/WOS outside India set up or acquired by the Indian party by 31 December every year.

4. Repatriation of Sale Proceeds in case of Disinvestment: On disinvestment, repatriate the sale proceeds immediately or not later than 90 days from the date of sale of the shares/securities.

5. Submission of Return on Foreign Liabilities and Assets (FLA): File Foreign Liabilities and Assets (FLA) return every year by 15 July.

8. Disinvestment by an Indian Party

印度方可通过转让/出售股权、清算海外合资企业/全资子公司，或通过合并海外合资企业/全资子公司的方式，从其海外合资企业（JV）或全资子公司（WOS）中撤资。

撤资方式有两种：

1. 核销撤资，或
2. 非核销撤资

8.1 Disinvest With Write Off

Indian Party may disinvest with write off under the automatic route subject to the following:

• Where the JV / WOS is listed in the overseas stock exchange;
• Where the Indian Party is listed on a stock exchange in India and has a net worth of not less than Rs.100 crore;
• Where the Indian Party is an unlisted company and the investment in the overseas JV / WOS does not exceed USD 10 million; and
• Where the Indian Party is a listed company with net worth of less than 100 crore but investment in an overseas JV/WOS does not exceed USD 10 million.

It is important to note that all other conditions as applicable in disinvestment without write off shall mutatis mutandis apply for disinvestment with write off.

8.2 Disinvest Without Write Off

An Indian Party may disinvest without write off under the automatic route subject to the following:

• The sale is effected through a stock exchange where the shares of the overseas JV/WOS are listed.
• If the shares are not listed on the stock exchange and the shares are disinvested by a private arrangement, the share price is not less than the value certified by a Chartered Accountant / Certified Public Accountant as the fair value of the shares based on the latest audited financial statements of the JV/WOS.
• The Indian Party does not have any outstanding dues by way of dividend, technical know-how fees, royalty, consultancy, commission or other entitlements and / or export proceeds from the JV/WOS.
• The overseas concern has been in operation for at least one full year and the Annual Performance Report together with the audited accounts for that year has been submitted to the Reserve Bank.
• The Indian party is not under investigation by CBI/DoE/SEBI/IRDA or any other regulatory authority in India.
• Other terms and conditions prescribed under ODI Regulations.