TaxTMI 
TaxTMI 
Master Circular on Foreign Investment in India.
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....and be replaced by an updated Master Circular on the subject. Yours faithfully, (Meena Hemchandra) Chief General Manager-in-Charge INDEX Part - I Foreign Investments in India-Schematic Representation : Section - I: Foreign Direct Investment 1.Foreign Direct Investment in India 2.Entry routes for investments in India 3.Eligibility for Investment in India 4.Type of instruments 5.Pricing guidelines 6.Mode of Payment 7.Foreign Investment limits, Prohibited Sectors and investment in MSEs 8.Modes of Investment under Foreign Direct Investment Scheme 8.A. Issuance of fresh shares by the company 8.B Acquisition by way of transfer of existing shares by person resident outside India 8.C. Issue of Rights / Bonus shares 8.D. Issue of shares under Employees Stock Option Scheme (ESOPs) 8.E Conversion of ECB / Lumpsum Fee / Royalty / Import of capital goods by SEZs in to Equity/ Import payables / Pre incorporation expenses 8.F. Issue of shares by Indian Companies under ADR / GDR 9. Foreign Currency Account and Escrow Account 10. Acquisition of shares under Scheme of Merger / Amalgamation 11. Remittance of sale proceeds 12. Remi....
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....ed FDI Policy Circular" dated March 31,2011 is available in public domain and can be downloaded from the website of Ministry of Commerce and Industry, Department of Industrial Policy and Promotion - http://dipp.nic.in/Fdi_Circular/FDI_Circular_012011_31March2011.pdf. - governed by the provisions of the Foreign Exchange Management Act (FEMA),1999.FEMA Regulations which prescribe amongst other things the mode of investments i.e. issue or acquisition of shares / convertible debentures and preference shares, manner of receipt of funds, pricing guidelines and reporting of the investments to the Reserve Bank. The Reserve Bank has issued Notification No. FEMA 20 /2000-RB dated May 3, 2000 which contains the Regulations in this regard. This Notification has been amended from time to time. 2. Entry routes for investments in India Under the Foreign Direct Investments (FDI) Scheme, investments can be made in shares, mandatorily and fully convertible debentures and mandatorily and fully preference shares^1 of an Indian company by non-residents through two routes: • Automatic Route: Under the Automatic Route, the foreign investor or the Indian company does not requ....
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....ce, Mumbai. However, ADs should not close other category of accounts (NRE / FCNR / NRO) for OCBs which are in the adverse list of the Reserve Bank of India. These accounts are to be maintained by the respective AD banks in the frozen status. 4. Type of instruments (i) Indian companies can issue equity shares, fully and mandatorily convertible debentures and fully and mandatorily convertible preference shares subject to the pricing guidelines / valuation norms and reporting requirements amongst other requirements as prescribed under FEMA Regulations. (ii) Issue of other types of preference shares such as, non-convertible, optionally convertible or partially convertible, have to be in accordance with the guidelines applicable for External Commercial Borrowings (ECBs). (iii) As far as debentures are concerned, only those which are fully and mandatorily convertible into equity, within a specified time would be reckoned as part of equity under the FDI Policy. 5. Pricing guidelines^3 * Fresh issue of shares: Price of fresh shares issued to persons resident outside India under the FDI Scheme, shall be : • on the basis of SEBI guidelines in case of list....
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....mpanies which are not listed on a recognized stock exchange in India which shall not be less than the fair value to be determined by a SEBI registered Merchant Banker or a Chartered Accountant as per the Discounted Free Cash Flow(DCF) method. Further, transfer of existing shares by Non-resident (i.e. by incorporated non-resident entity, erstwhile OCB, foreign national, NRI, FII) to Resident shall not be more than the minimum price at which the transfer of shares can be made from a resident to a non-resident as given above. * The pricing of shares / convertible debentures / preference shares should be decided / determined upfront at the time of issue of the instruments. The price for the convertible instruments can also be a determined based on the conversion formula which has to be determined / fixed upfront, however the price at the time of conversion should not be less than the fair value worked out, at the time of issuance of these instruments, in accordance with the extant FEMA regulations. 6. Mode of Payment An Indian company issuing shares /convertible debentures under FDI Scheme to a person resident outside India shall receive the amount of consideration required....
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....ject to the prescribed limits as per FDI Policy, in accordance with the Entry Routes and the provision of Foreign Direct Investment Policy, as notified by the Ministry of Commerce & Industry, Government of India, from time to time. Any Industrial undertaking, with or without FDI, which is not an MSE, having an industrial license under the provisions of the Industries (Development & Regulation) Act, 1951 for manufacturing items reserved for the MSE sector may issue shares to persons resident outside India (other than a resident/entity of Pakistan and to a resident/entity of Bangladesh with prior approval FIPB), to the extent of 24 per cent of its paid-up capital or sectoral cap whichever is lower. Issue of shares in excess of 24 per cent of paid-up capital shall require prior approval of the FIPB of the Government of India and shall be in compliance with the terms and conditions of such approval. c) Prohibition on foreign investment in India (i) Foreign investment in any form is prohibited in a company or a partnership firm or a proprietary concern or any entity, whether incorporated or not (such as, Trusts) which is engaged or proposes to engage in the following acti....
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....; modes: 8.A. Issuance of fresh shares by the company An Indian company may issue fresh shares /convertible debentures under the FDI Scheme to a person resident outside India ( who is eligible for investment in India) subject to compliance with the extant FDI policy and the FEMA Regulation. 8.B Acquisition by way of transfer of existing shares by person resident outside India 8 B.I Foreign investors can also invest in Indian companies by purchasing / acquiring existing shares from Indian shareholders or from other non-resident shareholders. General permission has been granted to non-residents / NRIs for acquisition of shares by way of transfer in the following manner: a. Non Resident to Non-Resident (Sale / Gift): A person resident outside India (other than NRI and OCB) may transfer by way of sale or gift, the shares or convertible debentures to any person resident outside India (including NRIs). b. NRI to NRI (Sale / Gift): NRIs may transfer by way of sale or gift the shares or convertible debentures held by them to another NRI. c. Non Resident to Resident • Gift: A person resident outside India can transfer any security to a person re....
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....nt, to open and maintain, without approval of the Reserve Bank, Escrow account for securities as stated in para 9 (b). h. The reporting guidelines are given in Section V of the Master Circular. 8.B. II Prior permission of the Reserve Bank in certain cases for acquisition / transfer of security (i) The following instances of transfer of shares or convertible debentures from residents to non-residents by way of sale requires Reserve Bank approval: • Transfer of shares or convertible debentures of an Indian company engaged in financial services sector (i.e. Banks, NBFCs, ARCs, CICs, Insurance, Infrastructure companies in the securities market such as, Stock Exchanges, Clearing Corporations, and Depositories, Commodity Exchanges, etc.). • Transactions which attract the provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. • The activity of the Indian company whose securities are being transferred falls outside the automatic route and the approval of the FIPB has been obtained for the said transfer. • The transfer is to take place at a price which falls outside the pricing guidelin....
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....nus shares An Indian company may issue Rights / Bonus shares to existing non-resident shareholders, subject to adherence to sectoral cap, reporting requirements, etc. Further, such issue of bonus / rights shares have to be in accordance with other laws / statutes like the Companies Act, 1956, SEBI (Issue of Capital and Disclosure Requirements), Regulations 2009, etc. • Issue of Right shares to OCBs: OCBs have been de-recognised as a class of investors with effect from September 16, 2003. Therefore, companies desiring to issue rights share to such erstwhile OCBs will have to take specific prior permission from the Reserve Bank^9.As such, entitlement of rights share is not automatically available to OCBs.However, bonus shares can be issued to erstwhile OCBs (which are not in the adverse list of the Reserve Bank of India) without prior approval of the Reserve Bank, provided that the OCB is not in the adverse list of RBI. • Additional allocation of rights share by residents to non-residents : Existing non-resident shareholders are allowed to apply for issue of additional shares / convertible debentures / preference shares over and above their rights share e....
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....goods subject to the valuation done by a Committee consisting of Development Commissioner and the appropriate Customs officials. (iv) Issue of equity shares against Import of capital goods / machinery / equipment (including second hand machinery), is allowed under the Government route, subject to the compliance with the following conditions: (a) The import of capital goods, machineries, etc., made by a resident in India, is in accordance with the Export / Import Policy issued by the Government of India as notified by the Directorate General of Foreign Trade (DGFT) and the regulations issued under the Foreign Exchange Management Act (FEMA), 1999 relating to imports issued by the Reserve Bank; (b) There is an independent valuation of the capital goods /machineries / equipments (including second-hand machineries) by a third party entity, preferably by an independent valuer from the country of import along with production of copies of documents /certificates issued by the customs authorities towards assessment of the fair-value of such imports; (c) The application should clearly indicate the beneficial ownership and identity of the importer company as well as the overseas e....
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....dian Capital Market including a company which has been restrained from accessing the securities market by the Securities and Exchange Board of India (SEBI) will not be eligible to issue ADRs/GDRs. (iii) Unlisted companies, which have not yet accessed the ADR/GDR route for raising capital in the international market, would require prior or simultaneous listing in the domestic market, while seeking to issue such overseas instruments. Unlisted companies, which have already issued ADRs/GDRs in the international market, have to list in the domestic market on making profit or within three years of such issue of ADRs/GDRs, whichever is earlier. ADRs / GDRs are issued on the basis of the ratio worked out by the Indian company in consultation with the Lead Manager to the issue. The proceeds so raised have to be kept abroad till actually required in India. Pending repatriation or utilisation of the proceeds, the Indian company can invest the funds in:- • Deposits with or Certificate of Deposit or other instruments offered by banks who have been rated by Standard and Poor, Fitch, IBCA or Moody's, etc. and such rating not being less than the rating stipulated by the Reserve ....
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....ADR / GDR. Under this mechanism, the company offers its resident shareholders a choice to submit their shares back to the company so that on the basis of such shares, ADRs / GDRs can be issued abroad. The proceeds of the ADR / GDR issue is remitted back to India and distributed among the resident investors who had offered their Rupee denominated shares for conversion. These proceeds can be kept in Resident Foreign Currency (Domestic) accounts in India by the resident shareholders who have tendered such shares for conversion into ADRs / GDRs. xii) The reporting guidelines for ADR /GDR are given in Section V of the Master Circular. 9. Foreign Currency Account and Escrow Account a) Indian companies which are eligible to issue shares to persons resident outside India under the FDI Scheme will be allowed to retain the share subscription amount in a Foreign Currency Account for bonafide business purpose only with the prior approval of the Reserve Bank. b) AD Category - I banks have been given general permission to open and maintain non-interest bearing Escrow account in Indian Rupees in India on behalf of residents and non-residents, towards payment of share purchase consider....
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....ject to any order issued by the court winding up the company or the official liquidator in case of voluntary winding up under the provisions of the Companies Act, 1956. AD Category - I banks shall allow the remittance provided the applicant submits: i. No objection or Tax clearance certificate from Income Tax Department for the remittance. ii. Auditor's certificate confirming that all liabilities in India have been either fully paid or adequately provided for. iii. Auditor's certificate to the effect that the winding up is in accordance with the provisions of the Companies Act, 1956. iv. In case of winding up otherwise than by a court, an auditor's certificate to the effect that there is no legal proceedings pending in any court in India against the applicant or the company under liquidation and there is no legal impediment in permitting the remittance. 13. Pledge of Shares a) ....
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....up company, subject to the following : (a) loan is availed of only from an overseas bank; (b) loan is utilized for genuine business purposes overseas and not for any investments either directly or indirectly in India; (c) overseas investment should not result in any capital inflow into India; (d) in case of invocation of pledge, transfer should be in accordance with the FDI policy in vogue at the time of creation of pledge; and (e) submission of a declaration/ annual certificate from a Chartered Accountant/ Certified Public Accountant of the non-resident borrower that the loan proceeds will be / have been utilized for the declared purpose. Section - II: Foreign investments under Portfolio Investment Scheme (PIS) 1. Entities (i) Foreign Institutional Investors (FIIs) registered with SEBI are eligible to purchase shares and convertible debentures issued by Indian companies under the Portfolio Investment Scheme (PIS). (iii) NRIs are eligible to purchase shares and convertible debentures issued by Indian companies under PIS, if they have been permitted by the designated branch of any AD Category - I bank (which has been authorised by the Reserve Bank to....
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....nvestments by FIIs and NRIs • FIIs are not permitted to invest in the capital of an Asset Reconstruction Company. • Both FIIs and NRIs are not allowed to invest in any company which is engaged or proposes to engage in the following activities: i) Business of chit fund, or ii) Nidhi company, or iii) Agricultural or plantation activities, or iv) Real estate business* or construction of farm houses, or v) Trading in Transferable Development Rights (TDRs). * Real estate business" does not include construction of housing / commercial premises, educational institutions, recreational facilities, city and regional level infrastructure, townships 3. Accounts with AD Category - I banks A. FIIs FIIs/sub-accounts can open a non-interest bearing Foreign Currency Account and / or a single non-interest bearing Special Non-Resident Rupee Account(SNRR A/c) with an AD Category - I bank, for the purpose of investment under the PIS. They can transfer sums from the Foreign Currency Account to the single SNRR A/c for making genuine investments in securities in terms of the SEBI (FII) Regulations,1995 , as amended from time to time. The sums may ....
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.... brokerage, etc.). • Further, transfer of funds between the SNRR A/c and the separate account maintained for the purpose of trading in exchange traded derivative contracts can be freely made. • However, repatriation of the Rupee amount will be made only through their SNRR A/c subject to payment of relevant taxes. The AD Category - I banks have to keep proper records of the above mentioned separate account and submit them to the Reserve Bank as and when required. B. NRIS NRIs are allowed to invest in Exchange Traded Derivative Contracts approved by SEBI from time to time out of Rupee funds held in India on non-repatriation basis, subject to the limits prescribed by SEBI. Such investments will not be eligible for repatriation benefits. 5. Collateral for FIIs a) Derivative Segment: FIIs are allowed to offer foreign sovereign securities with AAA rating as collateral to the recognised Stock Exchanges in India in addition to the cash for their transactions in derivatives segment of the market. SEBI approved clearing corporations of stock exchanges and their clearing members are allowed to undertake the following transactions subject to the guidelines....
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....ion list of the Reserve Bank. (b) Borrowing of equity shares by FIIs shall only be for the purpose of delivery into short sales. (c) The margin / collateral shall be maintained by FIIs only in the form of cash. No interest shall be paid to the FII on such margin/collateral. B. NRIs The NRI investor has to take delivery of the shares purchased and give delivery of shares sold.Short Selling is not permitted. 7. Private placement with FIIs SEBI registered FIIs have been permitted to purchase shares / convertible debentures of an Indian company through offer/private placement, subject to total FII investment viz. PIS & FDI (private placement / offer) being within the individual FII/sub account investment limit 10 per cent and all FIIs/sub-accounts put together - 24 per cent of the paid-up capital of the Indian company or to the sectoral limits, as applicable. Indian company is permitted to issue such shares provided that: a) in the case of public offer, the price of shares to be issued is not less than the price at which shares are issued to residents; and b) in the case of issue by private placement, the issue price should be determined as per the p....
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....n invest in Indian Venture Capital Undertaking (IVCU) or Indian Venture Capital Fund (IVCF) or in a scheme floated by such IVCFs subject to the condition that the domestic VCF is registered with SEBI. These investments by SEBI registered FVCI , would be subject to the respective SEBI regulations and FEMA regulations and sector specific caps of FDI. An IVCU is defined as a company incorporated in India whose shares are not listed on a recognized stock exchange in India and which is not engaged in an activity under the negative list specified by SEBI. A VCF is defined as a fund established in the form of a trust, a company including a body corporate and registered under the Securities and Exchange Board of India (Venture Capital Fund) Regulations, 1996 which has a dedicated pool of capital raised in a manner specified under the said Regulations and which invests in Venture Capital Undertakings in accordance with the said Regulations. (ii) FVCIs can purchase equity / equity linked instruments / debt / debt instruments, debentures of an IVCU or of a VCF through initial public offer or private placement in units of schemes / funds set up by a VCF. At the time of granting app....
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.... amended from time to time). (ii) On repatriation basis An NRI can purchase on repatriation basis, without limit, Government dated securities (other than bearer securities) or treasury bills or units of domestic mutual funds; bonds issued by a public sector undertaking (PSU) in India and shares in Public Sector Enterprises being disinvested by the Government of India, provided the purchase is in accordance with the terms and conditions stipulated in the notice inviting bids. 2. Indian Depository Receipts (IDR) Indian Depository Receipts (IDRs) can be issued by non resident companies in India subject to and under the terms and conditions of Companies (Issue of Depository Receipts) Rules, 2004 and subsequent amendment made thereto and the SEBI (DIP) Guidelines, 2000, as amended from time to time. These IDRs can be issued in India through Domestic Depository to residents in India as well as SEBI registered FIIs and NRIs. In case of raising of funds through issuances of IDRs by financial / banking companies having presence in India, either through a branch or subsidiary, the approval of the sectoral regulator(s) should be obtained before the issuance of IDRs. a) Th....
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.... the FIIs and NRIs. f) The proceeds of the issue of IDRs shall be immediately repatriated outside India by the eligible companies issuing such IDRs. The IDRs issued should be denominated in Indian Rupees. 3. Purchase of other securities by FIIs FIIs can buy on repatriation basis dated Government securities / treasury bills, listed non-convertible debentures / bonds , commercial papers issued by Indian companies and units of domestic mutual funds, Security receipts issued by Asset Reconstruction Companies and Perpetual Debt Instruments eligible for inclusion in as Tier I capital (as defined by DBOD, RBI) and Debt capital instruments as upper Tier II Capital (as defined by DBOD, RBI) issued by banks in India to augment their capital either directly from the issuer of such securities or through a registered stock broker on a recognized stock exchange in India subject to the following terms and conditions: a) The total holding by a single FII in each tranche of scheme of Security Receipts shall not exceed 10% of the issue and total holdings of all FIIs put together shall not exceed 49% of the paid up value of each tranche of scheme / issue of Security Receipts ....
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....f each issue. • Investments by all NRIs in Rupee denominated Perpetual Debt instruments (Tier I) should not exceed an aggregate ceiling of 24 per cent of each issue and investments by a single NRI should not exceed 5 percent of each issue. • Investment by FIIs in Rupee denominated Debt Capital instruments (Tier II) shall be within the limits stipulated by SEBI for FII investment in corporate debt instruments. • Investment by NRIs in Rupee denominated Debt Capital instruments (Tier II) shall be in accordance with the extant policy for investment by NRIs in other debt instruments. (ii) The issuing banks are required to ensure compliance with the conditions stipulated above at the time of issue. They are also required to comply with the guidelines issued by the Department of Banking Operations and Development (DBOD), Reserve Bank of India, from time to time. (iii) The issue-wise details of the amount raised as Perpetual Debt Instruments qualifying for Tier I capital by the bank from FIIs / NRIs are required to be reported in the prescribed format within 30 days of the issue to the Reserve Bank^15. (iv) Investment by FII....
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.... the inward remittance or date of debit to the NRE/FCNR (B) account, the amount of consideration so received should be refunded immediately to the non-resident investor by outward remittance through normal banking channels or by credit to the NRE/FCNR (B) account, as the case may be. Non-compliance with the above provision would be reckoned as a contravention under FEMA and could attract penal provisions. In exceptional cases, refund / allotment of shares for the amount of consideration outstanding beyond a period of 180 days from the date of receipt may be considered by the Reserve Bank, on the merits of the case. (iii) Reporting of issue of shares (a) After issue of shares (including bonus and shares issued on rights basis and shares issued on conversion of stock option under ESOP scheme)/ convertible debentures / convertible preference shares, the Indian company has to file Form FC-GPR, enclosed in Annex - 8, through it's AD Category I bank, not later than 30 days from the date of issue of shares. The Form can also be downloaded from the Reserve Bank's website http://www.rbi.org.in/Scripts/BS_ViewFemaForms.aspx.Non-compliance with the above provision ....
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....a, remitted into India through normal banking channels, shall be subjected to a KYC check (Annex 9-ii) by the remittance receiving AD Category - I bank at the time of receipt of funds. In case, the remittance receiving AD Category - I bank is different from the AD Category - I bank handling the transfer transaction, the KYC check should be carried out by the remittance receiving bank and the KYC report be submitted by the customer to the AD Category - I bank carrying out the transaction along with the Form FC-TRS. (iv) The AD bank should scrutinise the transactions and on being satisfied about the transactions should certify the form FC-TRS as being in order. (v) The AD bank branch should submit two copies of the Form FC-TRS received from their constituents/customers together with the statement of inflows/outflows on account of remittances received/made in connection with transfer of shares, by way of sale, to IBD/FED/or the nodal office designated for the purpose by the bank in the enclosed proforma (which is to be prepared in MS-Excel format). The IBD/FED or the nodal office of the bank will consolidate reporting in respect of all the transactions reported by their br....
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....sp;Reporting of ESOPs for allotment of equity shares: The issuing company is required to report the details of issuance of ESOPs to its employees to the Regional Office concerned of the Reserve Bank, in plain paper reporting, within 30 days from the date of issue of ESOPs. Further, at the time of conversion of options into shares the Indian company has to ensure reporting to the Regional Office concerned of the Reserve Bank in form FC-GPR, within 30 days of allotment of such shares. However, provision with regard to advance reporting would not be applicable for such issuances. 5. Reporting of ADR/GDR Issues The Indian company issuing ADRs / GDRs has to furnish to the Reserve Bank, full details of such issue in the Form enclosed in Annex -10, within 30 days from the date of closing of the issue. The company should also furnish a quarterly return in the Form enclosed in Annex - 11, to the Reserve Bank within 15 days of the close of the calendar quarter. The quarterly return has to be submitted till the entire amount raised through ADR/GDR mechanism is either repatriated to India or utilized abroad as per the extant Reserve Bank guidelines. 6. Reporting of FII invest....
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.... The firm or proprietary concern is not engaged in any agricultural / plantation or real estate business (i.e. dealing in land and immovable property with a view to earning profit or earning income there from) or print media sector. • iii. Amount invested shall not be eligible for repatriation outside India. 2. Investments with repatriation benefits NRIs / PIO may seek prior permission of Reserve Bank^20 for investment in sole proprietorship concerns / partnership firms with repatriation benefits. The application will be decided in consultation with the Government of India. 3. Investment by non-residents other than NRIs / PIO A person resident outside India other than NRIs / PIO may make an application and seek prior approval of Reserve Bank^21, for making investment by way of contribution to the capital of a firm or a proprietorship concern or any association of persons in India. The application will be decided in consultation with the Government of India. 4. Restictions An NRI or PIO is not allowed to invest in a firm or pro....
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....3. A.P.DIR(Series) Circular No.26 February 22, 2001 4. A.P.DIR(Series) Circular No.32 April 28, 2001 5. A.P.DIR(Series) Circular No.13 November 29, 2001 6. A.P.DIR(Series) Circular No.21 February 13, 2002 7. A.P.DIR(Series) Circular No.29 March 11, 2002 8. A.P.DIR(Series) Circular No.45 November 12, 2002 9. A.P.DIR(Series) Circular No.52 November 23, 2002 10. A.P.DIR(Series) Circular No.68 January 13, 2003 11. A.P.DIR(Series) Circular No.69 January 13, 2003 12. A.P.DIR(Series) Circular No.75 February 3, 2003 13. A.P.DIR(Series) Circular No.88 March 27, 2003 14. A.P.DIR(Series) Circular No.101 May 5, 2003 15. A.P.DIR(Series) Circular No.10 August 20, 2003 16. A.P.DIR(Series) Circular No.13 September 1, 2003 17. A.P.DIR(Series) Circular No.14 September 16, 2003 18. A.P.DIR(Series) Circular No.28 October 17, 2003 19. A.P.DIR(Series) Circular No.35 November 14, 2003 20. A.P.DIR(Series) Circular No.38 December 3, 2003 21. A.P.DIR(Series) Circular No.39 December 3, 2003 22. A.P.DIR(Series) Circular No.43 December ....
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....rcular No.49 May 4, 2010 62. A.P.( DIR Series) Circular No.13 September 14, 2010 63. A.P.( DIR Series) Circular No.45 March 15, 2011 64. A.P.( DIR Series) Circular No.54 April 29, 2011 65. A.P.( DIR Series) Circular No.55 April 29, 2011 66. A.P.( DIR Series) Circular No.57 May 2, 2011 67. A.P.( DIR Series) Circular No.58 May 2, 2011 68. A.P.(DIR Series) Circular No.74 June 30, 2011 69. A.P. (DIR Series) Circular No. 94 March 19, 2012 ^1"Shares" mentioned in this Master Circular means equity shares, "preference shares" means fully and mandatorily convertible preference shares and "convertible debentures" means fully and mandatorily convertible debentures [cf. A. P. (DIR Series) Circular Nos. 73 & 74 dated June 8, 2007] ^2"person resident in India" means-[As per FEMA Sec 2( v)] (i) a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include- (A) a person who has gone out of India or who stays outside India, in either case- (a) for or on taking up employment outside India, or (b) for carrying on outside In....