印度FDI政策发生重大变化-直接影响所有中国投资者
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想系统掌握亚马逊广告的投放逻辑与底层闭环？
中国投资者投资印度，第一个需要看的文件就是印度的《外汇管理法》（FEMA法案）和《统合外商直接投资政策（ConsolidatedFDI Policy）》这两个文件。这两个文件解决了中国资本印度某行业“可不可以投”、“怎么投”和“利润如何汇回”的问题。
上一次印度发布《统合外商直接投资政策（Consolidated FDI Policy）》还是在2017年，时隔近三年，在新冠疫情影响下，印度全国“封国”，但政府却于2020年4月17号出台了对《统合外商直接投资政策》进行修订的新闻通告，这一次修订将直接影响所有的中国投资，印度大恒竺成（Linklegal）律师事务所将为您进行解读。
此次对外商投资法的修正，主要是对第3.1条“适格投资者”进行了修正：
3.1.1(a)A non-resident entity can invest in India, subject to the FDI Policy except inthose sectors/activities which are prohibited. However, an entity of a country,which shares land border with India or where the beneficial owner of aninvestment into India is situated in or is a citizen of any such country, caninvest only under the Government route. Further, a citizen of Pakistan or anentity incorporated in Pakistan can invest, only under the Government route, insectors/activities other than defence, space, atomic energy andsectors/activities prohibited for foreign investment.
非居民实体可以在FDI政策下在除被禁止的部门和项目中投资。不过，如果该实体属于与印度接壤的国家，或者该实体的实际控制人位于或者系该国公民，则此实体只能在政府路径下投资。更进一步，巴基斯坦的公民以及巴基斯坦成立的实体只能在政府路径下投资，且不能在国防、航空、原子能以及其他禁止外国投资的领域中投资。
3.1.1(b)In the event of the transfer of ownership of any existing or future FDI in anentity in India, directly or indirectly, resulting in the beneficial ownershipfalling within the restriction/purview of the para 3.1.1(a), such subsequentchange in beneficial ownership will also require Government approval.
如以直接或者间接方式转让现有的或者将来设立的在印外商直接投资实体中的股份或者所有权，导致实际所有权受上述3.1.1（a）款限制或者管辖的，则此类对所有权的变动也需要政府批注。
印度大恒竺成（Linklegal）律师事务所评注：
从修正的行文可以看出，中国投资者（包括按照印度公司事务部规定的实际受益人规则确定属于中国投资者）因中国系与印度接壤的国家，导致中资投资者将受到此次外商投资政策修订的影响，而先前的政策中仅仅是限制巴基斯坦和孟加拉国这两个与印度接壤的国家。
但是，请中国读者一定要注意到此次修正的主题“Review of Foreign Direct Investment(FDI) policy for curbing opportunistic takeovers/acquisitions of Indiancompanies due to the current COVID-19 pandemic”，即受疫情的影响，限制外国对印度公司的投机性收购。
另外，还需要格外注意的是，这次修正并不是“禁止”中国投资，而是将属于上述修正范围的行为由自动路径变更为政府路径。
就在前不久，中国银行资本收购了印度银行巨头HDFC银行的股份，但实践中更多发生的情况是，大量中国投资者为了图快等方式，采取先用印度股东在印度设立实体，然后由国内主体进行收购的方式，并且在股权评估过程中存在弄虚作假行为，以较低的估值进行收购。
按照印度的行政立法惯例，此次对《统合外商直接投资政策（Consolidated FDI Policy）》进行修订的新闻通告在出台后，政府会进一步作出澄清和解释，以使得其更具有操作性。
目前基于印度大恒竺成律师事务所的分析，此次新闻稿中尚有很多含混之处，比如修订的主题是为了限制对印度公司的投机性收购，那么按照对这一主题的理解，如果是绿地投资（greenfield）也就是中国企业的投资新建项目不应该受到限制。
此外，之前2017年的政策中3.1.5和3.1.7（分别对外国机构投资者（FII）、外国证券投资者（FPI）和外国风险资本投资者（FVCI）进行了规定）是否也会受到此次修正的影响，我们也需要等待政府作出进一步的澄清和释义。本次修改需要得到印度央行以《外汇管理法》通知 （FEMA Notification）的形式通过后，才能生效。截止发稿日，印度央行还没有发布相关通知，因此本次修改尚未正式生效。
同时附上2017年《统合外商直接投资政策（Consolidated FDIPolicy）》中的原文（附中文翻译供大家参考）：
3.1 eligible investors 适格投资者
3.1.1. A non-resident entity can invest in India, subjectto the FDI Policy except in those sectors/activities which are prohibited.However, a citizen of Bangladesh or an entity incorporated in Bangladesh caninvest only under the Government route. Further, a citizen of Pakistan or anentity incorporated in Pakistan can invest, only under the Government route, insectors/activities other than defence, space, atomic energy andsectors/activities prohibited for foreign investment.
非居民实体可以在FDI政策下在被允许的部门和项目中投资。不过，孟加拉的公民以及在孟加拉成立的公司只能在政府路径下投资。更进一步，巴基斯坦的公民以及巴基斯坦成立的实体只能在政府路径下投资，且不能在国防、航空、原子能以及其他禁止外国投资的领域中投资。
3.1.2 NRIs resident in Nepal and Bhutan as well ascitizens of Nepal and Bhutan are permitted to invest in the capital of Indiancompanies on repatriation basis, subject to the condition that the amount ofconsideration for such investment shall be paid only by way of inwardremittance in free foreign exchange through normal banking channels.
在尼泊尔和不丹的非居民印度人和尼泊尔和不丹的公民可以在印度公司的资本中投资，且该投资的金额只能通过正常的银行渠道的自由外汇中汇入汇款。
3.1.3 OCBs have been derecognized as a class of investorsin India with effect from September 16, 2003. Erstwhile OCBs which are incorporated outside Indiaand are not under the adverse notice of RBI can make fresh investments underFDI Policy as incorporated non-resident entities, with the prior approval ofGovernment of India if the investment is through Government route; and with theprior approval of RBI if the investment is through Automatic route.
从2003年9月16日起，OCB不再被看作印度的一类投资者。以前在印度境外成立且没有收到储备银行负面文件的OCB可以在外商直接投资政策下作为非居民实体进行新的投资，如果从政府路径进行投资需要获得印度政府的事先批准，如果从自动路径进行投资需要获得印度储备银行的事先批准。
3.1.4 A company, trust and partnership firm incorporatedoutside India and owned and controlled by NRIs can invest in India with thespecial dispensation as available to NRIs under the FDI Policy.
在印度境外成立并由非居民印度人拥有和控制的公司、信托和合伙公司可以用在外国直接投资政策下向非居民印度人提供的特许权在印度投资
3.1.5 (i) Foreign Institutional Investor (FII) andForeign Portfolio Investors (FPI) may in terms of Schedule 2 and 2A of FEMA(Transfer or Issue of Security by Persons Resident Outside India) Regulations,as the case may be, respectively, invest in the capital of an Indian companyunder the Portfolio Investment Scheme which limits the individual holding of anFII/FPI below 10% of the capital of the company and the aggregate limit forFII/FPI investment to 24% of the capital of the company. This aggregate limitof 24% can be increased to the sectoral cap/statutory ceiling, as applicable,by the Indian company concerned through a resolution by its Board of Directorsfollowed by a special resolution to that effect by its General Body and subjectto prior intimation to RBI. The aggregate FII/FPI investment, individually orin conjunction with other kinds of foreign investment, will not exceedsectoral/statutory cap.
外国机构投资者（FII）和外国证券投资者（FPI）可以依据《外汇管理法（非印度居民发行和交易证券）规定》，对印度公司的资本进行投资，证券投资体系把单个FII/FPI限制在公司资本的10%，总共的FII/FPI限制在公司总资本的24%。24%的总限制可以被提升到部门/法定上限，需要该印度公司的董事会决定，然后全体决定，并且提前告知储备银行。总的FII/FPI投资其自身或者和其他外国投资一起不应超过部门/法定上限。
（ii）An Indian company which has issued shares to FIIs/FPIsunder the FDI Policy for which the payment has been received directly intocompany’s account should report these figures separately under item no. 5 ofForm FC-GPR (Annexure-1)
根据外商直接投资政策向FII/FPI发行股票的印度公司应该把其公司账户直接收到的付款金额单独上报到FC-GPR表格第5条（附录1 ）
（iii）A daily statement in respect of alltransactions (except derivative trade) has to be submitted by the custodianbank in soft copy in the prescribed format directly to RBI and also uploadeddirectly on the OFRS web site (https://secweb.rbi.org.in/ORFSMainWeb/Login.jsp)
关于所有交易（除衍生产品）的日常声明必须由托管银行以规定格式直接提交给储备银行，并直接上传到OFRS网站(https://secweb.rbi.org.in/ORFSMainWeb/Login.jsp)
3.1.6 Only registered FIIs/FPIs and NRIs as per Schedules2,2A and 3 respectively of Foreign Exchange Management (Transfer or Issue ofSecurity by a Person Resident Outside India) Regulations, 2000, caninvest/trade through a registered broker in the capital of Indian Companies onrecognised Indian Stock Exchanges.
只有根据《外汇管理条例》2、2A和3号规定（非印度居民交易和发行证券）注册的FII和FPI才可以通过注册经纪人投资和交易印度公司的受到印度证券交易所承认的资本。
3.1.7 A SEBI registered Foreign Venture Capital Investor(FVCI) may contribute up to 100% of the capital of an Indian company engaged inany activity mentioned in Schedule 6 of Notification No. FEMA 20/2000,including startups irrespective of the sector in which it is engaged, under theautomatic route. A SEBI registered FVCI can invest in a domestic venturecapital fund registered under the SEBI (Venture Capital Fund) Regulations, 1996or a Category- I Alternative Investment Fund registered under the SEBI (AlternativeInvestment Fund) Regulations, 2012.Such investments shall also be subject tothe extant FEMA regulations and extant FDI policy including sectoral caps, etc.The investment can be made in equities or equity linked instruments or debtinstruments issued by the company (including start-ups and if a startup isorganised as a partnership firm or an LLP, the investment can be made in thecapital or through any profit-sharing arrangement) or units issued by a VCF orby a Category-I AIF either through purchase by private arrangement either fromthe issuer of the security or from any other person holding the security or ona recognised stock exchange.It may also set up a domestic asset managementcompany to manage its investments. SEBI registered FVCIs are also allowed toinvest under the FDI Scheme, as non-resident entities, in other companies,subject to FDI Policy and FEMA regulations.
印度证券交易委员会（SEBI）注册的外国风险资本投资者（FVCI）可贡献多达100%的印度公司的资本，不过必须从事FEMA 20/2000号通知的附表6中提到的活动，包括在自动路径下的初创公司。SEBI注册的FVCI可投资于根据1996年SEBI（风险投资基金）条例注册的国内风险投资基金或根据SEBI（另外投资基金）条例注册的一类另外投资基金。该类投资需要遵守现存的FEMA法规和现存的FDI政策，包括部门上限等。投资可以在公司发行的股本或股本相关的工具或债务工具中进行（包括初创企业，如果一个初创公司是合伙企业或LLP，则可以对资本投资或通过任何利润共享协议投资），或由VCF发行的单位或由类型一的AIF通过契约安排从证券发行人或任何持有证券的人或在被认可证券交易所购买的。其也可以设立一个国内的资产管理公司来管理其资产。SEBI注册的FVCIS也被允许在FDI计划下作为非居民实体在其他公司投资，受外国直接投资政策和FEMA的规定。
3.1.8 A Non- Resident Indian may subscribe to NationalPension System governed and administered by Pension Fund Regulatory andDevelopment Authority (PFRDA), provided such subscriptions are made throughnormal banking channels and the person is eligible to invest as per theprovisions of the PFRDA Act. The annuity/ accumulated saving will berepatriable.
非居民印度人可以订购由养老基金管理和发展局（PFRDA）管理的国家养老金制度，这些认购需要是通过正常的银行渠道进行的，且该人按照PFRDA法案的规定有资格进行投资。年金/累积储蓄可被汇回。
中国投资者投资印度，第一个需要看的文件就是印度的《外汇管理法》（FEMA法案）和《统合外商直接投资政策（ConsolidatedFDI Policy）》这两个文件。这两个文件解决了中国资本印度某行业“可不可以投”、“怎么投”和“利润如何汇回”的问题。
上一次印度发布《统合外商直接投资政策（Consolidated FDI Policy）》还是在2017年，时隔近三年，在新冠疫情影响下，印度全国“封国”，但政府却于2020年4月17号出台了对《统合外商直接投资政策》进行修订的新闻通告，这一次修订将直接影响所有的中国投资，印度大恒竺成（Linklegal）律师事务所将为您进行解读。
此次对外商投资法的修正，主要是对第3.1条“适格投资者”进行了修正：
3.1.1(a)A non-resident entity can invest in India, subject to the FDI Policy except inthose sectors/activities which are prohibited. However, an entity of a country,which shares land border with India or where the beneficial owner of aninvestment into India is situated in or is a citizen of any such country, caninvest only under the Government route. Further, a citizen of Pakistan or anentity incorporated in Pakistan can invest, only under the Government route, insectors/activities other than defence, space, atomic energy andsectors/activities prohibited for foreign investment.
非居民实体可以在FDI政策下在除被禁止的部门和项目中投资。不过，如果该实体属于与印度接壤的国家，或者该实体的实际控制人位于或者系该国公民，则此实体只能在政府路径下投资。更进一步，巴基斯坦的公民以及巴基斯坦成立的实体只能在政府路径下投资，且不能在国防、航空、原子能以及其他禁止外国投资的领域中投资。
3.1.1(b)In the event of the transfer of ownership of any existing or future FDI in anentity in India, directly or indirectly, resulting in the beneficial ownershipfalling within the restriction/purview of the para 3.1.1(a), such subsequentchange in beneficial ownership will also require Government approval.
如以直接或者间接方式转让现有的或者将来设立的在印外商直接投资实体中的股份或者所有权，导致实际所有权受上述3.1.1（a）款限制或者管辖的，则此类对所有权的变动也需要政府批注。
印度大恒竺成（Linklegal）律师事务所评注：
从修正的行文可以看出，中国投资者（包括按照印度公司事务部规定的实际受益人规则确定属于中国投资者）因中国系与印度接壤的国家，导致中资投资者将受到此次外商投资政策修订的影响，而先前的政策中仅仅是限制巴基斯坦和孟加拉国这两个与印度接壤的国家。
但是，请中国读者一定要注意到此次修正的主题“Review of Foreign Direct Investment(FDI) policy for curbing opportunistic takeovers/acquisitions of Indiancompanies due to the current COVID-19 pandemic”，即受疫情的影响，限制外国对印度公司的投机性收购。
另外，还需要格外注意的是，这次修正并不是“禁止”中国投资，而是将属于上述修正范围的行为由自动路径变更为政府路径。
就在前不久，中国银行资本收购了印度银行巨头HDFC银行的股份，但实践中更多发生的情况是，大量中国投资者为了图快等方式，采取先用印度股东在印度设立实体，然后由国内主体进行收购的方式，并且在股权评估过程中存在弄虚作假行为，以较低的估值进行收购。
按照印度的行政立法惯例，此次对《统合外商直接投资政策（Consolidated FDI Policy）》进行修订的新闻通告在出台后，政府会进一步作出澄清和解释，以使得其更具有操作性。
目前基于印度大恒竺成律师事务所的分析，此次新闻稿中尚有很多含混之处，比如修订的主题是为了限制对印度公司的投机性收购，那么按照对这一主题的理解，如果是绿地投资（greenfield）也就是中国企业的投资新建项目不应该受到限制。
此外，之前2017年的政策中3.1.5和3.1.7（分别对外国机构投资者（FII）、外国证券投资者（FPI）和外国风险资本投资者（FVCI）进行了规定）是否也会受到此次修正的影响，我们也需要等待政府作出进一步的澄清和释义。本次修改需要得到印度央行以《外汇管理法》通知 （FEMA Notification）的形式通过后，才能生效。截止发稿日，印度央行还没有发布相关通知，因此本次修改尚未正式生效。
同时附上2017年《统合外商直接投资政策（Consolidated FDIPolicy）》中的原文（附中文翻译供大家参考）：
3.1 eligible investors 适格投资者
3.1.1. A non-resident entity can invest in India, subjectto the FDI Policy except in those sectors/activities which are prohibited.However, a citizen of Bangladesh or an entity incorporated in Bangladesh caninvest only under the Government route. Further, a citizen of Pakistan or anentity incorporated in Pakistan can invest, only under the Government route, insectors/activities other than defence, space, atomic energy andsectors/activities prohibited for foreign investment.
非居民实体可以在FDI政策下在被允许的部门和项目中投资。不过，孟加拉的公民以及在孟加拉成立的公司只能在政府路径下投资。更进一步，巴基斯坦的公民以及巴基斯坦成立的实体只能在政府路径下投资，且不能在国防、航空、原子能以及其他禁止外国投资的领域中投资。
3.1.2 NRIs resident in Nepal and Bhutan as well ascitizens of Nepal and Bhutan are permitted to invest in the capital of Indiancompanies on repatriation basis, subject to the condition that the amount ofconsideration for such investment shall be paid only by way of inwardremittance in free foreign exchange through normal banking channels.
在尼泊尔和不丹的非居民印度人和尼泊尔和不丹的公民可以在印度公司的资本中投资，且该投资的金额只能通过正常的银行渠道的自由外汇中汇入汇款。
3.1.3 OCBs have been derecognized as a class of investorsin India with effect from September 16, 2003. Erstwhile OCBs which are incorporated outside Indiaand are not under the adverse notice of RBI can make fresh investments underFDI Policy as incorporated non-resident entities, with the prior approval ofGovernment of India if the investment is through Government route; and with theprior approval of RBI if the investment is through Automatic route.
从2003年9月16日起，OCB不再被看作印度的一类投资者。以前在印度境外成立且没有收到储备银行负面文件的OCB可以在外商直接投资政策下作为非居民实体进行新的投资，如果从政府路径进行投资需要获得印度政府的事先批准，如果从自动路径进行投资需要获得印度储备银行的事先批准。
3.1.4 A company, trust and partnership firm incorporatedoutside India and owned and controlled by NRIs can invest in India with thespecial dispensation as available to NRIs under the FDI Policy.
在印度境外成立并由非居民印度人拥有和控制的公司、信托和合伙公司可以用在外国直接投资政策下向非居民印度人提供的特许权在印度投资
3.1.5 (i) Foreign Institutional Investor (FII) andForeign Portfolio Investors (FPI) may in terms of Schedule 2 and 2A of FEMA(Transfer or Issue of Security by Persons Resident Outside India) Regulations,as the case may be, respectively, invest in the capital of an Indian companyunder the Portfolio Investment Scheme which limits the individual holding of anFII/FPI below 10% of the capital of the company and the aggregate limit forFII/FPI investment to 24% of the capital of the company. This aggregate limitof 24% can be increased to the sectoral cap/statutory ceiling, as applicable,by the Indian company concerned through a resolution by its Board of Directorsfollowed by a special resolution to that effect by its General Body and subjectto prior intimation to RBI. The aggregate FII/FPI investment, individually orin conjunction with other kinds of foreign investment, will not exceedsectoral/statutory cap.
外国机构投资者（FII）和外国证券投资者（FPI）可以依据《外汇管理法（非印度居民发行和交易证券）规定》，对印度公司的资本进行投资，证券投资体系把单个FII/FPI限制在公司资本的10%，总共的FII/FPI限制在公司总资本的24%。24%的总限制可以被提升到部门/法定上限，需要该印度公司的董事会决定，然后全体决定，并且提前告知储备银行。总的FII/FPI投资其自身或者和其他外国投资一起不应超过部门/法定上限。
（ii）An Indian company which has issued shares to FIIs/FPIsunder the FDI Policy for which the payment has been received directly intocompany’s account should report these figures separately under item no. 5 ofForm FC-GPR (Annexure-1)
根据外商直接投资政策向FII/FPI发行股票的印度公司应该把其公司账户直接收到的付款金额单独上报到FC-GPR表格第5条（附录1 ）
（iii）A daily statement in respect of alltransactions (except derivative trade) has to be submitted by the custodianbank in soft copy in the prescribed format directly to RBI and also uploadeddirectly on the OFRS web site (https://secweb.rbi.org.in/ORFSMainWeb/Login.jsp)
关于所有交易（除衍生产品）的日常声明必须由托管银行以规定格式直接提交给储备银行，并直接上传到OFRS网站(https://secweb.rbi.org.in/ORFSMainWeb/Login.jsp)
3.1.6 Only registered FIIs/FPIs and NRIs as per Schedules2,2A and 3 respectively of Foreign Exchange Management (Transfer or Issue ofSecurity by a Person Resident Outside India) Regulations, 2000, caninvest/trade through a registered broker in the capital of Indian Companies onrecognised Indian Stock Exchanges.
只有根据《外汇管理条例》2、2A和3号规定（非印度居民交易和发行证券）注册的FII和FPI才可以通过注册经纪人投资和交易印度公司的受到印度证券交易所承认的资本。
3.1.7 A SEBI registered Foreign Venture Capital Investor(FVCI) may contribute up to 100% of the capital of an Indian company engaged inany activity mentioned in Schedule 6 of Notification No. FEMA 20/2000,including startups irrespective of the sector in which it is engaged, under theautomatic route. A SEBI registered FVCI can invest in a domestic venturecapital fund registered under the SEBI (Venture Capital Fund) Regulations, 1996or a Category- I Alternative Investment Fund registered under the SEBI (AlternativeInvestment Fund) Regulations, 2012.Such investments shall also be subject tothe extant FEMA regulations and extant FDI policy including sectoral caps, etc.The investment can be made in equities or equity linked instruments or debtinstruments issued by the company (including start-ups and if a startup isorganised as a partnership firm or an LLP, the investment can be made in thecapital or through any profit-sharing arrangement) or units issued by a VCF orby a Category-I AIF either through purchase by private arrangement either fromthe issuer of the security or from any other person holding the security or ona recognised stock exchange.It may also set up a domestic asset managementcompany to manage its investments. SEBI registered FVCIs are also allowed toinvest under the FDI Scheme, as non-resident entities, in other companies,subject to FDI Policy and FEMA regulations.
印度证券交易委员会（SEBI）注册的外国风险资本投资者（FVCI）可贡献多达100%的印度公司的资本，不过必须从事FEMA 20/2000号通知的附表6中提到的活动，包括在自动路径下的初创公司。SEBI注册的FVCI可投资于根据1996年SEBI（风险投资基金）条例注册的国内风险投资基金或根据SEBI（另外投资基金）条例注册的一类另外投资基金。该类投资需要遵守现存的FEMA法规和现存的FDI政策，包括部门上限等。投资可以在公司发行的股本或股本相关的工具或债务工具中进行（包括初创企业，如果一个初创公司是合伙企业或LLP，则可以对资本投资或通过任何利润共享协议投资），或由VCF发行的单位或由类型一的AIF通过契约安排从证券发行人或任何持有证券的人或在被认可证券交易所购买的。其也可以设立一个国内的资产管理公司来管理其资产。SEBI注册的FVCIS也被允许在FDI计划下作为非居民实体在其他公司投资，受外国直接投资政策和FEMA的规定。
3.1.8 A Non- Resident Indian may subscribe to NationalPension System governed and administered by Pension Fund Regulatory andDevelopment Authority (PFRDA), provided such subscriptions are made throughnormal banking channels and the person is eligible to invest as per theprovisions of the PFRDA Act. The annuity/ accumulated saving will berepatriable.
非居民印度人可以订购由养老基金管理和发展局（PFRDA）管理的国家养老金制度，这些认购需要是通过正常的银行渠道进行的，且该人按照PFRDA法案的规定有资格进行投资。年金/累积储蓄可被汇回。
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