FDI Policy - April 2011

8/6/2019 FDI Policy - April 2011

http://slidepdf.com/reader/full/fdi-policy-april-2011 1/13

Consolidated FDI Policy

April 2011

www.deloitte.com/in


http://slidepdf.com/reader/full/fdi-policy-april-2011 2/13Consolidated FDI Policy 3

Background

Foreign Direct Investment (FDI) Regulatory

Framework

• MinistryofCommerceandIndustry(Department

ofIndustrialPolicyandPromotion),Governmentof

India(GOI)hadreleasedConsolidatedFDIPolicyvide

Circular1of2010dated31March2010whichwas

effectivefrom1April2010.

• Thepolicydocumenthadconsolidatedall

priorpolicies/regulationsonFDIissuedbythe

DepartmentofIndustrialPolicyandPromotion(DIPP)

andtheReserveBankofIndia(RBI).Further,ithas

beenindicatedthatthepolicywouldbeineffectup

to30September2010andsubjecttorevieweverysix

monthstoreectallchangesintheregulationsduring

theinterveningsixmonths.AccordinglytheDIPP

hadreleasedtherevisedConsolidatedFDIPolicyvide

Circular2of2010dated30September2010which

waseffectivefrom1October2010andlapsedon31

March2011.

• DIPPhasnowreleasedtherevisedConsolidatedFDI

PolicyvideCircular1of2011dated31March2011whichiseffectivefrom1April2011.

• IthasbeenindicatedthattheCircularconsolidates

allpriorpolicies/regulationsonFDIissuedwithin

theinterveningperiodandreectthecurrent‘policy

framework’onFDI.Thecircularisnotintendedto

makechangesintheexistingregulations.Furtherall

earlierPressNotes/PressReleases/Claricationson

FDIissuedbytheDIPPstandrescinded.

• Ithasbeenclariedthatanythingdoneorany

actiontakenundertherescindedPressNotes/Press

Releases/Claricationspriorto31March2011shall

beeffectiveandvalidsubjecttotheconditionthatit

wasnotinconsistentwiththosePressNotes/Press

Releases/Clarications.

• Thelegalstructureofthecircularisbuilton

noticationsissuedbyReserveBankofIndia(RBI)

underForeignExchangeManagementAct,1999

(FEMA).Hence,anycorrespondingchangemadeby

RBIfromtimetotimewouldhavetobecomplied

withandincaseofneed/scopeofinterpretation,the

relevantFEMAnoticationwillprevail.

Consolidated FDI Policy vide Circular1 of 2011 dated 31 March 2011 whichis effective from 1 April 2011.



Key Points underCircular 1 of 2011

Pricing o convertible instruments

• Ithasbeenprovidedthattheprice/conversion

formulaofconvertiblecapitalinstrumentsissuedby

Indiancompaniesisrequiredtobedecidedupfront

atthetimeofissueofthesaidinstrument.Further,

thepriceatthetimeofconversionshouldnotinany

casebelowerthanthefairmarketvalueworkedout

atthetimeoftheissuanceofsuchinstruments,in

accordancewithextantFEMAregulations(theDCF

methodofvaluationforunlistedcompaniesand

valuationintermsofSEBI(ICDR)Regulations,for

listedcompanies).Consequentlytheabsoluteprice

mechanismhasbeendoneawaywithandparties

wouldbeabletosetaformulaforconversionin

future.

Downstream investments

• Thedistinctionsinthepriorpolicybetweenoperating

companies,operating-cum-investingcompanies

andonlyinvestingcompanieshavebeeneliminated.

Companieshavenowbeenclassiedintoonlytwocategories,viz“companiesownedorcontrolledby

non-residententity/ies”and“companiesownedand

controlledbyIndianresidents”.

• ThenewpolicyclariesthatpriorFIPBapprovalwould

berequiredforinvestmentsbyforeigninvestorsinto

companiesincorporatedinIndiaandwhoseonly

activityisinvestinginthecapitalofotherIndian

companies(i.e.holdingcompanies)regardlessof

theamountorextentofforeigninvestment.Further

infusionoffundsintoanIndiancompanywhichdoes

nothaveoperationsordownstreaminvestments

wouldalsorequirepriorFIPBapproval,regardlessoftheamountorextentofforeigninvestment.

• Howeverthereisnochangeinthepolicyframework

asfarasthedownstreaminvestmentsbycompanies

whichareownedand/orcontrolledbynon-resident

entitiesisconcerned.

Prior approval in case o existing joint ventures/

technical collaborations in the ‘same feld’

• UnderthepriorFDIpolicy,whereaforeigninvestor

hadalreadyinplaceinIndiaajointventureortech-

nologytransferortrademarkwithanIndiancoun-

terpart,itcouldnotenterintoanewjointventure,

makeaninvestmentorenterintoatechnology

collaborationortrademarkagreementorenterinto

atechnologytransferagreementwithouttheprior

approvaloftheFIPB.Assuchtherewasaneedfeltto

attractfreshinvestmentandtechnologyinowsandalsoreducethelevelsofStateintervention.

• Accordinglyunderthenewpolicy,foreigninvestors

wouldnotberequiredtoobtainFIPBapproval

beforeinvestinginthebusinessinthe“sameeld”

asanexistingjointventureortechnologytransfer

ortrademarkagreemententeredintobefore1June

2005.However,thisdoesnotaffecttherequire-

mentofobtainingFIPBapprovalinsectorssubjectto

sectoralcaps.

Investment in Non-Banking Financial Companies(NBFC)

• Ithasbeenclariedthatforeigninvestmentinto

NBFCscarryingonactivitiesapprovedforFDIwould

needtocomplywiththeconditionsspeciedforsuch

NBFCs.FurthercompanieswhichareclassiedasCore

InvestmentCompanies(CICs)wouldalsoneedto

additionallyfollowRBIsregulatoryframeworkforCICs

Issue o shares or non-cash consideration

• ThepriorFDIpolicyallowedissueofsharesbyIndian

companiesonlyagainstcashconsideration,apart

fromconversionofECBsandpaymentobligations

towardslumpsumfeeorroyaltyfortechnicalcollabo-

ration.Allotherissueofsharesforconsiderationother

thancashrequiredapprovaloftheFIPB.Nowunder

thenewpolicy,issueofsharesforconsideration

Price/ conversion formulaof convertible capital

instruments issued byIndian companies isrequired to be decidedupfront



otherthancashhasbeenexpresslypermittedforthe

followingcategoriesaftertakingpriorapprovalof

theFIPBandsubjecttotheconditionsasstipulated:

– importofcapitalgoods/machinery/equipment

(includingsecond-handmachinery),subjectto

compliancewiththefollowingconditions:

i. Anyimportofcapitalgoods/machineryetc.,

madebyaresidentinIndia,hastobein

accordancewiththeExport/ImportPolicy

issuedbyGOIasdenedbyDGFT/FEMAprovi-

sionsrelatingtoimports.ii. Anindependentvaluationhastobecarried

outforthecapitalgoods/machinery/equip-

ments(includingsecond-handmachinery)bya

thirdpartyentity,preferablybyanindependent

valuerfromthecountryofimportalongwith

productionofcopiesofdocuments/certicates

issuedbythecustomsauthoritiestowards

assessmentofthefair-valueofsuchimports.

iii.Theapplicationhastoclearlyindicatethebene-

cialownershipandidentityoftheImporter

Companyaswellasoverseasentity.

iv.Allsuchconversionsofimportpayablesfor

capitalgoodsintoFDIshouldbedonewithin

180daysfromthedateofshipmentofgoods.

– pre-operative/pre-incorporationexpenses

(includingpaymentsofrentetc.),subjectto

compliancewiththefollowingconditions:

i. SubmissionofFIRCforremittanceoffunds

bytheoverseaspromotersfortheexpendi-

tureincurred.

ii. Vericationandcerticationofthepre-

incorporation/pre-operativeexpensesbythe

statutoryauditor.

Sectoral Specifc changes:

Followingmodicationshavebeenprovidedinrespect

ofthefollowingsectors/sub-sectors

Agriculture

• Therestrictioninrespectof‘controlledconditions’is

notapplicableinrespectoftheactivityofdevelop-

mentandproductionofseedsandplantingmaterial.

Civil Aviation

• Non-scheduledairlines,charteredairlinesandcargo

airlineshavebeenremovedfromthedenitionof

Non-scheduledAirTransportServices

Trading

• WholesaleTradingofitemssourcedfromMedium&

Smallenterprises(MSEs)isnowconsideredas100%

undertheautomaticroute.

• Tradingforexportshasbeenremovedfromthe

schedule.



Conclusion

Thisperiodicalupdation/reviewoftheforeign

investmentpolicyisawelcomeinitiativeonthepartof

theMinistryofCommerceandIndustryandprovidea

mechanismtothegovernmenttoconsiderthepolicy

oninvestmentsintoIndiainvarioussectorsandalso

addressissues/concernsofinvestorswhichmayactasa

deterrentonanongoingbasis.Whiletheclarication/

policychangesonpricingofconvertibleinstruments,

downstreaminvestmentsandpriorapprovalofexisting

jointventuresiswelcomed,itmayberelevantto

considerthediscussionpapersandcommentsreceived

thereoninrespectofFDIinLLPs,defencesector

andmulti-brandretailandtranslatingintoapolicy

announcement.

A Brief Comparative of sectoral caps after

considering the policy changes has been given in the

Annexure for the readers’ ready reference.

Theseneedtobereadwithanystipulations/

combinationsprovidedunderthepolicy/sectorrules/

regulationsandtheschedule.



Annexure

Industry Sectors

A. Agriculture

B. Industry

1. Mining

2. Manufacture

3. Power

C. ServiceSector

4. CivilAviationSector

5. AssetReconstructionCompanies

6. Banking–PrivateSector

7. Banking–PublicSector

8. Broadcasting

9. CommodityExchanges

10. DevelopmentofTownships,Housing,Built-upInfrastructureandconstructiondevelopmentprojects

11. Courierservicesforcarryingpackages,parcelsandotheritemswhichdonotcomewithintheambitofthe

IndianPostOfceAct,1898.

12. CreditInformationCompanies(CIC)

13. IndustrialParksbothsettingupandinestablishedIndustrialParks

14. Insurance15. Infrastructurecompaniesinsecuritiesmarketsnamely,StockExchanges,DepositoriesandClearing

Corporations

16. Non-BankingFinanceCompanies

17. PetroleumandNaturalGasSector

18. PrintMedia

19. SecurityAgenciesinPrivateSector

20. Satellites–Establishmentandoperation

21. Telecommunications

22. Trading



Industry Cap rom 1 April 2011

A. Agriculture & animal husbandry

i. Floriculture,Horticultureandcultivationofvegetables,mushrooms,undercontrolledconditions;

ii. AnimalHusbandry(includingbreedingofdogs),Pisciculture,aqua-cultureundercontrolledconditions;

iii.DevelopmentandproductionofSeedsandplantingmaterial;

iv.Servicesrelatedtoagroandalliedsectors.

Note:BesidestheaboveFDIisnotallowedinanyotheractivity.

100%(Automatic)

v. TeaSector,includingteaplantations

Compulsorydivestmentof26%equityofthecompanyhastobedoneinfavourofanIndianpartner/Indian

publicwithinaperiodof5years.

Note:BesidestheaboveFDIisnotallowedinanyotherplantation/sectoractivity.

100%(FIPB)

B. Industry

1.Mining

i.MiningandExplorationofmetalandnon-metaloresincludingdiamond,gold,silverandpreciousoresbut

excludingtitaniumbearingmineralsanditsoressubjecttotheMinesandMinerals(DevelopmentandRegulation)

Act,1957

100%(Automatic)

ii.CoalandLigniteminingforcaptiveconsumptionbypowerprojects,andironandsteel,cementunitsandother

eligibleactivitiespermittedundertheCoalMines(Nationalisation)Act,1973

100%(Automatic)

i ii .Forsettingupcoalprocessingplantsl ikewasheriessubjecttotheconditions 100%(Automatic)iv.Miningandmineralseparationoftitaniumbearingmineralsandores,itsvalueadditionandintegratedactivities

subjecttosectoralregulationsandtheMinesandMinerals(DevelopmentandRegulation)Act,1957

Note:FDIwillnotbeallowedinminingof“prescribedsubstances”listedinGovernmentofIndianoticationNo.

S.O.61(E)dated18January2006issuedbytheDepartmentofAtomicEnergy.

100%(FIPB)

2.Manufacturing

i.ManufactureofitemsreservedforproductioninMicroandSmallEnterprises(MSEs).Suchanundertaking

wouldberequiredtoobtainIndustrialLicenseundertheIndustries(Development&Regulation)Act1951,forsuch

manufacture.

FIPBbeyond24%

ii.DefenceIndustrysubjecttoIndustriallicenseundertheIndustries(Development&Regulation)Act,1951 26%(FIPB)

ii.CigarsandCigarettes–Manufacture (Prohibitedfortheactivity

ofmanufacturingofcigars,

cheroots,cigarillosand

cigarettesoftobaccoand

tobaccosubstitutes)

3.Power

i.Generationandtransmissionofelectricenergyproducedinhydroelectric,coal/lignitebasedthermal,oilbased

thermalandgasbasedthermalpowerplants;

ii.Non-ConventionalEnergyGenerationandDistribution;

iii.Distributionofelectricenergytohouseholds,industrial,commercialandotherusers;and

iv.PowerTrading

Note:AlltheabovewouldbesubjecttotheprovisionsoftheElectricityAct2003.

Note:(i)to(iii)abovedonotincludegeneration,transmissionanddistributionofelectricityproducedinatomic

powerplant/atomicenergysinceprivateinvestmentinthissector/activityisprohibitedandisreservedforpublic

sector.

100%(Automatic)




C. Service sector

4.CivilAviationSector12

i.Airports

a.Greeneldprojects 100%(Automatic)

b.Existingprojects 100%

(Automatic–upto74%)(FIPB-beyond74%)

ii.AirTransportServices3

a.Greeneldprojects 100%(Automatic)

b.Existingprojects 100%

(Automatic–upto74%)

(FIPB-beyond74%)

ii.AirTransportServices

a.ScheduledAirTransportServices/DomesticScheduledPassengerAirl ine 49%(Automatic)

ForNRI100%(Automatic)

b.Non-scheduledAirTransportService 74%


(FIPB–beyond49%upto

74%)


c.HelicopterServices/SeaplaneservicesrequiringDGCAapproval 100%(Automatic)

iii.OtherServices

a.GroundHandlingServicessubjecttosectoralregulationsandsecurityclearance 74%



74%)


b.MaintenanceandRepairorganizations;yingtraininginstitutes;andtechnicaltraininginstitutions 100%(Automatic)

5.AssetReconstructionCompanies(ARCs) 49%(FIPB)6.Banking–PrivateSector 74%(includinginvestment

byFII)



74%)

7.Banking–PublicSector 20%(FIPB)

(FDI+Portfolioinvestment)

1ForthepurposeofCivilAviationSector,thetermsAirport,Aerodrome,AirTransportService,AirTransportUndertaking,AircraftComponent,

Helicopter,ScheduledAirTransportService,Non-ScheduledAirTransportService,Chartered,Cargo,Seaplane,andGroundHandlinghave

beendened.

2ThepolicyforFDIintheCivilAviationSectorwouldbesubjecttotheAircraftRules,1934asamendedfromtimetotime,CivilAviationRequirements,andAeronauticalInformationCircularsasnotiedbytheMinistryofCivilAviation.3AirportTransportServicesincludesDomesticScheduledPassengerAirlines;Non-SchedulesAirlines;CharteredAirlines;CargoAirlines;

HelicopterandSeaplaneServices.4HITSBroadcastingServicesreferstothemultichanneldownlinkinganddistributionoftelevisionprogrammeinC-BandorKuBandwhereinall

thepaychannelsaredownlinkedatacentralfacility(Hub/teleport)andagainuplinkedtoasatelliteafterencryptionofchannel.




8.Broadcasting

i. FMRadio 20%(FIPB)

(FDI+NRI+PIO)

ii.Cablenetwork 49%(FIPB)

(FDI+NRI+PIO)

iii.Direct-To-Home 49%(FIPB)

(FDI+NRI+PIO)

(FDIcomponentnotto

exceed20%)

iv.Headend-In-The-Sky(HITS)BroadcastingService4 74%



74%)

(DirectandIndirectforeign

investmentincludingFDIand

Portfolio)

v.Settinguphardwarefacilitiessuchasup-linking,HUB,etc. 49%(FIPB)

(FDI+FII)

vi.Up-linkingaNon-news&CurrentAffairsTVChannel 100%(FIPB)

vii.Up-linkingaNews&CurrentAffairsTVChannel 26%(FIPB)

(FDI+FII)

9.CommodityExchanges 49%(FIPB)

(FDI+FII)

InvestmentbyFIIinPIS

Schemewillbelimitedto

FII23%andinFDIScheme

shallbelimitedto26%

10.DevelopmentofTownships,Housing,Built-upInfrastructureandconstructiondevelopmentprojectsubjectto

conditionslikeminimumareatobedeveloped,minimumcapitalization,etc.6

Note:FDIisnotallowedinRealEstateBusiness

100%(Automatic)

11.Courierservicesforcarryingpackages,parcelsandotheritemswhichdonotcomewithintheambitofthe

IndianPostOfceAct,1898

100%(FIPB)

12.CreditInformationCompanies(CIC) 49%(FIPB)

(FDI+FII)

(FIIinvestmentnottoexceed

24%)

13.IndustrialParks7bothsettingupandalreadyestablishedIndustrialParks 100%(Automatic)

14.InsuranceissubjecttolicensingwithInsuranceRegulatory&DevelopmentAuthority. 26%(Automatic)

15.Infrastructurecompaniesinsecuritiesmarketsnamely,StockExchanges,DepositoriesandClearing

Corporations

Note:FIIcaninvestonlythroughpurchasesinthesecondarymarket

49%(FIPB)

(FDI+FII)

FDI–26%FII–23%




16.Non-BankingFinanceCompanies

i.MerchantBanking

ii.Underwriting

iii.PortfolioManagementServices

iv.InvestmentAdvisoryServices

v.FinancialConsultancy

vi.StockBroking

vii.Assetmanagement

viii.VentureCapital

ix.CustodianServices

x.Factoring

xi.CreditRatingAgencies

xii.Leasing&Finance

xiii.HousingFinance

xiv.ForexBroking

xv.CreditCardBusiness

xvi.MoneyChangingBusiness

xvii.MicroCredit

xviii.RuralCreditNote:InvestmentwouldbesubjecttothecompliancewiththeminimumcapitalizationNormsasprescribed

100%

(Automatic)

17.PetroleumandNaturalGasSector

i.PetroleumReneryofPublicSectorUndertaking(PSU)withoutanydisinvestmentordilutionofdomestic

equityintheexistingPSUs.

49%(FIPB)

ii.Explorationactivitiesofoilandnaturalgaselds,infrastructurerelatedtomarketingofpetroleumproducts,

actualtradingandmarketingofpetroleumproducts,petroleumproductpipelines,naturalgas/LNGpipelines,

marketstudyandformulationandPetroleumreningintheprivatesectorsubjecttotheexistingsectoralpolicy

andregulatoryframeworkintheoilmarketingsectorandthepolicyoftheGovernmentonprivateparticipation

inexplorationofoilandthediscoveredeldsofnationaloilcompanies

100%

(Automatic)

18.PrintMedia

i.Publishingofnewspaperandperiodicalsdealingwithnewsandcurrentaffairs 26%(FIPB)

(FDI+FII+NRI+PIO)

ii.PublicationofIndianeditionsofforeignmagazinesdealingwithnewsandcurrentaffairs 26%(FIPB)

(FDI+FII+NRI+PIO)

iii.Publishing/Printingofscienticmagazines/specialtyjournals/periodicals 100%(FIPB)

iv.Publicationoffacsimileeditionofforeignnewspapers 100%(FIPB)

19.SecurityAgenciesinPrivateSector 49%(FIPB)

20.Satellites–Establishmentandoperation 74%(FIPB)

5TheFDIwillbesubjecttotheconditionthattheportfolioinvestmentfromFII/NRIshallnotbe“personsactinginconcert”withFDIinvestors,

asdenedintheSEBI(SubstantialAcquisitionofSharesandTakeovers)Regulations,1997.6Itwouldinclude,butnotberestrictedto,housing,commercialpremises,hotels,resorts,hospitals,educationalinstitutions,recreationalfacili-

ties,cityandregionallevelinfrastructure.7Forthepurposeofindustrialparks,thetermsIndustrialPark,Infrastructure,CommonFacilities,AllocableArea,andIndustrialActivityhave

beendened.8‘Magazine’,forthepurposeoftheseguidelines,willbedenedasaperiodicalpublication,broughtoutonnon-dailybasis,containingpublic

newsorcommentsonpublicnews.




21.Telecommunications

i.Basicandcellular,UniedAccessServices,National/InternationalLongDistance,V-Sat,PublicMobileRadio

TrunkedServices(PMRTS),GlobalMobilePersonalCommunicationsServices(GMPCS)andothervalueadded

telecomservices

74%(Automatic–upto49%

and


74%)

(IncludingFDI,FII,NRI,

FCCBs,ADRs,GDRs,convert-

iblepreferenceshares,and

proportionateforeignequity

inIndianpromoters/Investing

Company)

Indianshareholdingshallnot

belessthan26%

ii.ISPwithgateways,radiopaging,end-to-endbandwidth. 74%(Automatic–upto49%)


74%)

iii.ISPwithoutgateways 74%



74%)

iv.Infrastructureproviderprovidingdarkbre,rightofway,ductspace,tower(CategoryI) 100%


(FIPB–beyond49%))

v.Electronicmailandvoicemail 100%


(FIPB–beyond49%

22.Trading

i.Wholesale/Cash&CarryingTradingasdened(includingsourcingfromMSEs) 100%(Automatic)

ii.E-commerceActivities9 100%(Automatic)

iii.Testmarketingofsuchitemsforwhichacompanyhasapprovalformanufactureprovidedsuchtestmarketingfacilitywillbeforaperiodof2years,andinvestmentinsettingupmanufacturingfacility

commencessimultaneouslywithtest

100%(FIPB)

iv.SingleBrandProductretailing 51%(FIPB)

Insectors/Activitiesnotlistedabove,FDIispermittedupto100%ontheautomaticroutesubjecttoapplicable

laws/sectoralrules/regulations.

9E-commerceactivitiesrefertotheactivityofbuyingandsellingbyacompanythroughthee-commerceplatform.Suchcompanieswould

engageonlyinB2Be-commerceandnotinretailtrading,inter-aliaimplyingthatexistingrestrictionsonFDIindomestictradingwouldbe

applicabletoe-commerceaswell.



Mumbai

264-265,VaswaniChambers,

Dr.AnnieBesantRoad,

Worli,Mumbai400030

Tel:+91(022)66198600

Fax:+91(022)66198401

Bangalore

DeloitteCentre,AnchorageII,

100/2,RichmondRoad,

Bangalore560025

Tel:+91(080)66276000

Fax:+91(080)66276409

Delhi NCR

Building10,TowerB,7thFloor,

DLFCyberCity,Gurgaon122002

Tel:+91(0124)6792000

Fax:+91(0124)6792012

Chennai

No.52,VenkatanarayanaRoad,

7thFloor,ASVNRamanaTower,

T-Nagar,Chennai600017

Tel:+91(044)66885000

Fax:+91(044)66885019

Kolkata

BengalIntelligentParkBuilding,

Alpha,1stoor,PlotNo–A2,

M2&N2,Block–EP&GPSector–V,

SaltLakeElectronicsComplex,

Kolkata700091

Tel:+91(033)66121000

Fax:+91(033)66121001

Ahmedabad

“Heritage”3rdFloor,NearGujaratVidyapith,

OffAshramRoad,Ahmedabad380014

Tel:+91(079)66073100

Fax:+91(079)27582551

Hyderabad

1-8-384&385,3rdFloor,

GowraGrandS.P.Road,Begumpet,

Secunderabad500003

Tel:+91(040)40312600

Fax:+91(040)40312714

Vadodara

Chandralok,31,NutanBharatSociety,

Alkapuri,Vadodara390007

Tel:+91(0265)2333776

Fax:+91(0265)2339729

Contacts



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FDI Policy - April 2011

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