FEMA框架下的ODI合规

在当今全球化浪潮下，许多印度企业正走向海外，在国际市场进行大规模投资。海外直接投资（ODI）有助于企业直接进入更新、更广阔的市场，获取更先进的技术，从而扩大客户群并实现全球化布局。然而，为避免无意中违反法规，印度居民在印度境外设立全资子公司和合资企业的投资行为，须受《2004年外汇管理（外国证券转让或发行）（修订）条例》（FEMA）的约束。

什么是海外直接投资（ODI）？

根据第2(e)条《外汇管理（外国证券转让或发行）条例》，任何印度居民在印度境外的投资均属于此类：

• 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. 

印度企业进行海外直接投资（ODI）的资金来源有哪些？

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框架下的ODI合规要求

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法规下可能存在哪些违规行为？

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.

• 由印度企业直接或间接参股的海外实体，在未经印度储备银行特别批准的情况下，提供与印度卢比挂钩的金融产品（例如：涉及外币、卢比汇率、印度市场股票指数等的无本金交割交易）。

• 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复合申请需提供的部分重要信息

• 申请人名称。
• 注册日期。
• 所得税PAN号码。
• 业务性质。
• 海外实体名称。
• 海外实体注册日期。
• 海外实体的业务性质。
• 实体类型：全资子公司（WOS）或合资企业（JV）。
• 汇款详情：汇款日期、外币金额及折合印度卢比金额。
• 其他财务承诺详情。
• 已申请及收到的唯一识别码（UIN）详情。
• 收到股票证书的日期。
• 其他监管机构的批准（如适用）。
• 已提交的年度业绩报告（APR）详情：截止日期；提交日期。
• 违规性质及原因。
• 请提交所有证明文件。