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    News
    All› FEMA & RBI › FEMA & RBI - 2009
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    December 18, 2009
    Liberalization of Foreign Technology agreement policy
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    Automatic approval for foreign royalty and technology payments permitted, subject to foreign exchange rules and post-reporting.
    Policy permits automatic approval for royalties, lump sum technology fees, and payments for use of trademarks/brand names under foreign technology collaborations, subject to Foreign Exchange Management (Current Account Transactions) Rules and any amendments; a post reporting system for such transfers and use will be notified. The change modifies and supersedes specified earlier press notes that had imposed limits or prior approval requirements.
    October 31, 2009
    Decision on stimulus exit by year-end
    Show AI Summary
    Fiscal stimulus exit may be decided after the quarter; political consensus and GST timing will influence withdrawal.
    The government signalled a prospective fiscal stimulus exit after the October-December quarter, tying withdrawal timing to quarterly growth outcomes, the Reserve Bank's initial monetary tightening, and the expected implementation timetable for the Goods and Services Tax; it advocates country-specific exit plans, stresses fiscal consolidation to restore the fiscal deficit to prudent limits, and conditions decisive withdrawal on securing a broad political consensus to enact reforms in labour, insurance and financial sectors.
    October 28, 2009
    RBI begins 'exit' from stimulus; leaves key rates unchanged
    Show AI Summary
    Statutory Liquidity Ratio increase prompts calibrated exit from stimulus while key interest rates remain unchanged.
    The Reserve Bank raised the Statutory Liquidity Ratio as a first step in a calibrated exit from an easy money stance while leaving key interest rates unchanged; the increase is unlikely to materially affect banks because they already hold government securities above the new requirement, the average SLR being higher than the revised level. The Bank emphasized sequencing withdrawal to protect recovery while addressing inflation expectations and maintained its growth forecast while increasing its inflation estimate.
    October 21, 2009
    FinMin expects RBI to maintain soft monetary policy
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    Soft monetary policy expected as government signals preference for maintaining an accommodative central bank stance despite inflationary pressure.
    Finance Ministry urged continuation of the current soft monetary policy ahead of the central bank's policy review, expressing expectation that the bank would maintain its accommodative stance despite noted food-driven inflationary pressures, and highlighted upcoming consultations between senior government and central bank officials prior to the review.
    October 8, 2009
    'Rising rupee reflects Indian economy's strength'
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    Currency appreciation signals economic strength; government says limited intervention while movements remain non-volatile and fundamentals-driven.
    The statement treats rupee appreciation as evidence of economic strength from fundamentals and capital inflows, and explains that while the RBI or government can intervene, such foreign exchange intervention is constrained when movements are non-volatile, two-way, and driven by fundamentals.
    September 30, 2009
    Guidelines for foreign investment in Commodity Exchanges
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    Foreign investment caps in commodity exchanges extended to allow final compliance and mandatory reporting, non-compliance treated as exchange law breach.
    Guidelines prescribe a composite foreign investment ceiling in commodity exchanges, limit individual foreign holdings, and require prior approval where applicable. Existing exchanges exceeding permitted levels were required to divest the excess and were granted extended transition periods to regularise holdings. Exchanges must submit status reports of foreign investment and equity structure and describe steps taken to comply to designated departments and regulators. Failure to comply within the final transition period will constitute a breach of foreign exchange law.
    August 18, 2009
    10 FDI proposals approved
    Show AI Summary
    Foreign Direct Investment approvals: ten proposals cleared while others were deferred, rejected, withdrawn, or referred upward.
    Government action on foreign direct investment proposals: ten proposals approved across multiple sectors with specified issuance or transfer mechanisms (including joint ventures, preferential allotment, warrants and convertible bonds), nine proposals deferred for further scrutiny (including defence, share transfers, ex post approvals and security clearance issues), three proposals rejected for non compliance with capitalization or conditions, one withdrawn, and one high value proposal referred to the Cabinet Committee on Economic Affairs for consideration.
    August 3, 2009
    Impact of FDI Norms
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    Foreign investment calculation rules clarified and government approval required when ownership or control shifts to non residents.
    Guidelines set a uniform methodology for calculating total foreign investment, clarifying treatment of direct and indirect holdings across sectors except where specific statutes apply, and require government/FIPB approval in capped sectors when ownership or control transfers to non-residents or when Indian companies make downstream investments, with applicability to the banking sector.
    August 3, 2009
    Companies Bill, 2009 introduced in Lok Sabha
    Show AI Summary
    Company law reform consolidates incorporation, governance, e compliance and insolvency into a unified statutory framework for stronger accountability.
    Comprehensive revision consolidating company incorporation, governance, compliance, restructuring and winding up under a centralized statutory framework administered by the Central Government; enabling electronic filings and faster incorporation with director identification, strengthening governance through shareholder democracy, independent directors, Key Managerial Personnel, board committees and independent valuation, criminalizing insider trading, mandating consolidated financials, and providing a unified insolvency and enforcement regime with specified penalties, recovery for fraud, investor protection measures and specialized tribunals.
    July 22, 2009
    Changes in Foreign Direct Investment Norms
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    Foreign direct investment rules liberalised allowing broad automatic entry; regulatory clarifications and penalties under FEMA apply.
    FDI policy permits up to full foreign ownership on the automatic route in most sectors, supported by February 2009 Press Notes clarifying calculation of total foreign investment, transfers of ownership or control in capped sectors, and downstream investment by Indian companies. The Department of Economic Affairs requested further examination from the Department of Industrial Policy & Promotion on issues including those raised by the Reserve Bank of India. The FDI framework is implemented through the Foreign Exchange Management Regulations, 2000 under FEMA, 1999, and contraventions are subject to penalty after adjudication.
    July 1, 2009
    21 FDI proposals approved
    Show AI Summary
    Foreign Direct Investment approvals and regularisations across sectors, with multiple deferrals and rejections under prevailing investment norms.
    Government approved 21 FDI proposals totaling approximately Rs. 84.90 crore across multiple sectors, involving equity acquisitions, WOS formation, joint ventures, FC approval amendments and fund investment arrangements. Several approvals referenced Press Note 1 of 2005. Fourteen proposals were deferred for issues including ex-post-facto regularisation, instrument conversions, increases in foreign equity and capitalization relaxations. Seven proposals were rejected where requested amendments or exemptions to existing approvals were not granted. One proposal was noted as not requiring fresh approval for downstream investment under the relevant Press Note provision.
    June 18, 2009
    Constitutional Validity of Service Tax on equipment leasing and hire purchase activity
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    Service tax on financial services: Parliament may tax hire purchase and leasing service charges despite state sales tax on goods.
    The court held Parliament may levy service tax on service charges rendered by financiers in hire purchase and leasing arrangements while States may levy sales tax on the sale or deemed sale of goods, because financiers provide distinct banking and financial services secured by hypothecation and collectors separate service charges (with interest excluded), so the two levies operate on different elements of the transaction without constitutional conflict.
    June 9, 2009
    23 Proposals of Foreign direct investment cleared
    Show AI Summary
    Foreign Direct Investment approvals and procedural advisories issued, including deferrals, rejections, automatic route guidance and central bank referrals.
    Government approvals, deferrals, rejections and procedural advisories from a Foreign Investment Promotion Board cycle are summarised: 23 FDI proposals were approved across multiple sectors involving equity subscriptions, joint ventures, fund investments, warrant issuance/conversion, share transfers, buy backs and downstream investments, with several approvals noting compliance with Press Notes and some regularising prior investments. Thirteen proposals were deferred, two rejected, some applicants were advised to use the automatic route or to approach the central bank, one proposal was returned pending policy notification, and one proposal was withdrawn.
    May 4, 2009
    Investment in India - FDI policy overview
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    Foreign Direct Investment routes define when automatic entry or FIPB approval and single window clearance apply.
    Foreign Direct Investment is channelled via the Automatic Route, which requires no prior approval and mandates post facto Reserve Bank of India filings where full foreign ownership or investments within sector caps are permitted, or via FIPB Approval where proposed shareholding exceeds caps or the activity falls in restricted or industrially licensed sectors; the FIPB provides single window screening and clearance and is used where policy clarity is lacking.
    May 4, 2009
    Investment in India - Key Acts Governing Foreign Investment
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    Repatriation rights: capital, appreciation and dividends can be remitted from India subject to tax and regulatory conditions.
    Foreign investment is governed by the Foreign Exchange Management Act, treating foreign-participated Indian companies as domestic for exchange control; repatriation of capital and appreciation is permitted when investments are on a repatriation basis subject to taxes, while dividends and profits are repatriable after tax compliance without separate RBI permission if conditions are met. Non-residents permitted to operate in India may acquire business necessary immovable property but must file a prescribed declaration within ninety days; foreign nationals with specific RBI approval require prior RBI permission to transfer such property. NRIs may purchase immovable property excluding agricultural/plantation/farmhouse and transfer it within prescribed residency and identity limits.
    February 18, 2009
    Opening of bank accounts
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    Financial inclusion: expand no-frills bank accounts and credit access using intermediaries to reach rural households.
    Government measures to expand basic banking and credit in rural areas require banks to offer no-frills basic accounts with nil or low minimum balances and to issue General Credit Cards without security or end-use conditions. Small borrowers settled under one-time settlement schemes are eligible for fresh credit. Banks may use NGOs, self-help groups, microfinance institutions and other civil society organisations as intermediaries to provide financial services. Scheduled Commercial Banks and Regional Rural Banks were advised to add rural household accounts during the year, and public sector banks largely achieved their targets.
    February 18, 2009
    Limit of overseas borrowing
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    Overseas borrowing limits remain unchanged after policy review; approval route allows additional borrowing subject to conditions.
    The overseas borrowing limit for Indian companies (excluding hotels, hospitals and software) allows External Commercial Borrowings for rupee and foreign currency expenditure under an Automatic Route up to a prescribed ceiling per financial year, with an additional amount available under an Approval Route subject to conditions including an average maturity requirement; ECB policy and overall limits are reviewed regularly and were not increased in the January 2009 modifications.
    February 2, 2009
    Government’s advice on acquiring land by persons residing outside India
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    Eligibility to acquire immovable property: authorities must verify FEMA residency and visa status before registering transfers.
    Authorities must verify FEMA eligibility, inspect travel documents and visa to establish intention to stay, and may review prior registrations before registering sale or purchase of immovable property involving persons resident outside India. Foreign companies with an established branch may acquire property necessary or incidental to business subject to Regulation 5. Foreign nationals meeting the statutory residency and intention-to-stay criteria are treated as person resident in India and may acquire immovable property; Indian citizens and persons of Indian origin resident abroad may acquire property other than agricultural land, plantation or farmhouse.
    January 23, 2009
    Mauritius continue to be favorite source of Foreign Direct Investment in India - contributing 44% of total FDI
    Show AI Summary
    Foreign Direct Investment source concentration: Mauritius leads cumulative equity inflows, with figures covering specified inflow routes and inclusions.
    Foreign Direct Investment data reports Mauritius as the largest source of cumulative equity inflows into India through October 2008, with the fact sheet ranking top investing jurisdictions and showing each country's percentage share in rupee terms. The release specifies that reported inflows include investments routed through FIPB/SIA, RBI's Automatic Route, acquisition of existing shares, and also capture NRI schemes, stock swaps and advances pending issue of shares, with cumulative country-wise totals for April 2000 to October 2008 provided in an annexure.

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      FEMA & RBI

      Mauritius continue to be favorite source of Foreign Direct Investment in India - contributing 44% of total FDI

      January 23, 2009

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      SHARE OF TOP INVESTING COUNTRIES FDI EQUITY INFLOWS (Financial year-wise):

      (Extracts from FACT  SHEET  ON  FOREIGN  DIRECT  INVESTMENT  (FDI)  released as on 12-1-2009 for the month of October 2008)

       Amount Rupees in crores (US$ in million)

      Ranks

      Country

      2005-06

      (April- 

      March)

      2006-07

      (April-

      March)

      2007-08

      (April-

      March)

       

      2008-09

      (April - Oct.08 ) 

       

      Cumulative

      Inflows

      (April '00  to Oct. '08)

      %age to  total

      Inflows

      (in terms of rupees)

      1.

      MAURITIUS

      11,441

      (2,570)

      28,759

      (6,363)

      44,483

      (11,096)

      33,361

      (7,694)

      143,734

       (33,329)

      44 %

      2.

      SINGAPORE

      1,218

      (275)

      2,662

      (578)

      12,319

      (3,073)

      8,150

      (1,909)

      26,275

      (6,266)

      8 %

      3.

      U.S.A.

      2,210

      (502)

      3,861

      (856)

      4,377

      (1,089)

      5,320

      (1,258)

      25,287 (5,791)

      8 %

      4.

      U.K.

      1,164

      (266)

      8,389

      (1,878)

      4,690

      (1,176)

      3,036

      (701)

      22,100 (5,063)

      7 %

      5.

      NETHERLANDS

      340

      (76)

      2,905

      (644)

      2,780

      (695)

      3,216

      (740)

      15,137

      (3,445)

      5 %

      6.

      JAPAN

      925

      (208)

      382

      (85)

        3,336

      (815)

      971

      (223)

      10,307

      (2,349)

      3 %

      7.

      GERMANY

      1,345

      (303)

      540

      (120)

      2,075

      (514)

      2,302

      (538)

      9,040

      (2,082)

      3 %

      8.

      CYPRUS

      310

      (70)

      266

      (58)

      3,385

      (834)

      3,698

      (827)

      7,765

      (1,812)

      2 %

      9.

      FRANCE

      82

      (18)

      528

      (117)

      583

      (145)

      1,250

      (295)

      4,634

      (1,056)

      1 %

      10.

      U.A.E.

      219

      (49)

      1,174

      (260)

      1,039

      (258)

      780

      (186)

      3,653

      (849)

      1 %

      TOTAL  FDI INFLOWS *

      24,613

      (5,546)

      70,630

      (15,726)

      98,664

      (24,579)

      80,395

      (18,707)

      350,495

      (81,216)

      -

      Note:   (i) *Includes inflows under NRI Schemes of RBI, stock swapped and advances pending for issue of shares.

      (ii) Cumulative country-wise FDI inflows (from April 2000 to October 2008) - Annex-'A'.

          (iii) %age worked out in rupees terms & FDI inflows received through FIPB/SIA+ RBI's Automatic Route+ acquisition of existing shares only. 

       

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