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of <h1>India Amends FDI Rules: Convert Import Payables to Equity Shares Within 180 Days Under FEMA 1999.</h1> The circular addresses amendments to the Foreign Direct Investment (FDI) scheme in India under the Government route, specifically regarding the issuance of equity shares. It modifies conditions from a previous circular, allowing the conversion of import payables for capital goods into FDI within 180 days from the shipment date. Additionally, it requires applications for capitalization to be completed within 180 days from the company's incorporation. These changes are made under the Foreign Exchange Management Act, 1999, and banks are instructed to inform their clients accordingly. Other instructions from the earlier circular remain unchanged.
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