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TMI BlogMaster Circular on Foreign Investment in India.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Remittance on winding up/liquidation of Companies 13. Pledge of Shares Section - II: Foreign investments under Portfolio Investment Scheme (PIS) 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .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 shares1 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 require any approval from the Reserve Bank or Government of India for the investment. * Government Route: Under the Government Route, the foreign investor or the Indian company should obtain prior approval of the Government of India, Ministry of Finance, Foreign Investment Promotion Board ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, 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 guidelines3 • 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 listed companies. * not less than fair value of shares determined by a SEBI registered Merchant Banker or a Chartered Accountant as per the Discounted Free Cash Flow Method (DCF) in case of unlisted companies. The above pricing guidelines are also applicable for issue of shares against payment of lump sum technical know how fee / roy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... / 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 to be paid for such shares /convertible debentures by: (i) inward remittance through normal banking channels. (ii) debit to NRE / FCNR account of a person concerned maintained with an AD category I bank. (iii) conversion of royalty / lump sum / technical know how fee due for payment or conversion of ECB, shall be treated as consideration for issue of shares. (iv) conversion of import payables / pre incorporation expenses / share swap can be treated as consideration for issue of shares with the approval of FIPB. (v) debit to non-interest bearing Escrow account5 in Indian Rupe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), 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 activities6: * Business of chit fund, or * Nidhi company, or * Agricultural or plantation activities, or * Real estate business, or construction of farm houses, or * Trading in Transferable Development Rights (TDRs). (ii) It is clarified that "real estate business" means dealing in land and immovable property with a view to earning profit or earning income therefrom and does not include development of townships, construction of residential / commercial premises, roads or bridges, educational institutions, recreational facilities, city and regional level infrastructure, townships. It is further clarified that part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ertible 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 resident in India by way of gift. * Sale: General permission is also available for transfer of shares / convertible debentures, by way of sale under private arrangement by a person resident outside India to a person resident in India, subject to the pricing, reporting and other guidelines as given in Annex - 3 d. Resident to Non-resident (Sale): A person resident in India can transfer by way of sale, shares / convertible debentures (including transfer of subscriber's shares), of an Indian company in sectors other than financial services sector (i.e. Banks, NBFC, Insurance, Asset Reconstruction Companies (ARCs), Credit Information Companies(CICs), infrastructure companies in the securities market viz. Stock Exchanges, Clearing Corporations, and Depositories, Commodity Exchanges, etc.) under private arrangement to a person resident outside India, subject to the prici ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 guidelines specified by the Reserve Bank from time to time. * Transfer of shares or convertible debentures where the non-resident acquirer proposes deferment of payment of the amount of consideration, prior approval of the Reserve Bank is required. Further, in case approval is granted for the transaction, the same should be reported in Form FC-TRS to the AD Category - I bank, within 60 days from the date of receipt of the full and final amount of consideration. (ii) The following instances of transfer of shares from residents to non-residents by way of sale or otherwise requires Government approval followed by permission from the Reserve Bank: * Transfer of shares of companies engaged in sectors falling under the Government Route. * Transfer of shares resulting in foreign investments in the Indian company, breaching the sectoral cap applicable. (iii) A person resident in India, who intends to transfer any security, by way of gift to a person resident outsid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lders are allowed to apply for issue of additional shares / convertible debentures / preference shares over and above their rights share entitlements. The investee company can allot the additional rights shares out of unsubscribed portion, subject to the condition that the overall issue of shares to non-residents in the total paid-up capital of the company does not exceed the sectoral cap. 8.D. Issue of shares under Employees Stock Option Scheme (ESOPs) An Indian Company may issue shares under ESOPs to its employees or employees of its joint venture or wholly owned subsidiary abroad who are resident outside India, other than to the citizens of Pakistan. Citizens of Bangladesh can invest with the prior approval of the FIPB. The face value of the shares to be allotted under the scheme to the non-resident employees should not exceed 5 per cent of the paid-up capital of the issuing company. Shares under ESOPs can be issued directly or through a Trust subject to the condition that the scheme has been drawn in terms of the relevant regulations issued by the SEBI. 8.E Conversion of ECB / Lumpsum Fee / Royalty / Import of capital goods by SEZs in to Equity/ Import payables / Pre incorpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learly indicate the beneficial ownership and identity of the importer company as well as the overseas entity; and (d) All such conversions of import payables for capital goods into FDI should be completed within 180 days from the date of shipment of goods. (v) Issue of equity shares against Pre-operative / pre - incorporation expenses (including payment of rent etc.) is allowed under the Government route, subject to compliance with the following conditions : a) Submission of FIRC for remittance of funds by the overseas promoters for the expenditure incurred. b) Verification and certification of the pre-incorporation / pre-operative expenses by the statutory auditor. c) Payments being made directly by the foreign investor to the company. Payments made through third parties citing the absence of a bank account or similar such reasons will not be allowed. d) The capitalization should be completed within the stipulated period of 180 days permitted for retention of advance against equity under the extant FDI policy. (vi) Issue of shares to a non-resident against shares swap10 i.e., in lieu for the consideration which has to be paid for shares acquired in the overseas company, can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess than the rating stipulated by the Reserve Bank from time to time for the purpose; * Deposits with branch/es of Indian Authorised Dealers outside India; and * Treasury bills and other monetary instruments with a maturity or unexpired maturity of one year or less. v) There are no end-use restrictions except for a ban on deployment / investment of such funds in real estate or the stock market. There is no monetary limit up to which an Indian company can raise ADRs / GDRs. vi) The ADR / GDR proceeds can be utilised for first stage acquisition of shares in the disinvestment process of Public Sector Undertakings / Enterprises and also in the mandatory second stage offer to the public in view of their strategic importance. vii) Voting rights on shares issued under the Scheme shall be as per the provisions of Companies Act, 1956 and in a manner in which restrictions on voting rights imposed on ADR/GDR issues shall be consistent with the Company Law provisions.Voting rights in the case of banking companies will continue to be in terms of the provisions of the Banking Regulation Act,1949 and the instructions issued by the Reserve Bank11 from time to time, as applicable to all shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide Escrow facilities for keeping securities to facilitate FDI transactions. It has also been decided to permit SEBI authorised Depository Participant, to open and maintain, without approval of the Reserve Bank, Escrow account for securities. The Escrow account would also be subject to the terms and conditions as stipulated in A.P. (DIR Series) Circular No. 58 dated May 2, 2011. Further, the Escrow account would be maintained with AD Category I bank or SEBI Authorised Depository Participant (in case of securities account). These facilities will be applicable to both, issue of fresh shares to the non-residents as well as transfer of shares to the non-residents as well as transfer of shares from / to the non-residents. 10. Acquisition of shares under Scheme of Merger / Amalgamation Mergers and amalgamations of companies in India are usually governed by an order issued by a competent Court on the basis of the Scheme submitted by the companies undergoing merger/amalgamation. Once the scheme of merger or amalgamation of two or more Indian companies has been approved by a Court in India, the transferee company or new company is allowed to issue shares to the shareholders of the transf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the external commercial borrowing is in line with the extant FEMA regulations for ECBs and that : i). the loan agreement has been signed by both the lender and the borrower, ii) there exists a security clause in the Loan Agreement requiring the borrower to create charge on financial securities, and iii) the borrower has obtained Loan Registration Number (LRN) from the Reserve Bank: and the said pledge would be subject to the following conditions : i). the period of such pledge shall be co-terminus with the maturity of the underlying ECB; ii). in case of invocation of pledge, transfer shall be in accordance with the extant FDI Policy and directions issued by the Reserve Bank; iii). the Statutory Auditor has certified that the borrowing company will utilized / has utilized the proceeds of the ECB for the permitted end use/s only. b) Non-resident holding shares of an Indian company, can pledge these shares in favour of the AD bank in India to secure credit facilities being extended to the resident investee company for bonafide business purpose, subject to the following conditions: (a) in case of invocation of pledge, transfer of shares should be in accordance with the F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p to a maximum of 10 per cent of the total paid-up capital or 10 per cent of the paid-up value of each series of convertible debentures issued by the Indian company. The 10 per cent limit would include shares held by SEBI registered FII/ SEBI approved sub accounts of FII under the PIS (by way of purchases made through a registered broker on a recognized stock exchange in India or by way of offer/private placement) as well as shares acquired by SEBI registered FII under the FDI scheme. (b) Total holdings of all FIIs / SEBI approved sub accounts of FIIs put together shall not exceed 24 per cent of the paid-up capital or paid-up value of each series of convertible debentures. This limit of 24 per cent can be increased to the sectoral cap / statutory limit, as applicable to the Indian company concerned, by passing a resolution of its Board of Directors followed by a special resolution to that effect by its General Body and subject to prior intimation to the Reserve Bank. B. NRIs (a) NRIs are allowed to invest in shares of listed Indian companies in recognised Stock Exchanges under the PIS. (b) NRIs can invest through designated ADs, on repatriation and non-repatriation basis under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ture / Government securities holder at the applicable rate, in accordance with the Income Tax Act. The SNRR A/c may be debited for purchase of shares / debentures, dated Government securities, Treasury Bills, etc., and for payment of fees to applicant FIIs' local Chartered Accountant / Tax Consultant where such fees constitute an integral part of their investment process. B. NRIs NRIs can approach the designated branch of any AD Category - I bank (which has been authorised by the Reserve Bank to administer the PIS) for permission to open a single designated account (NRE/NRO account) under the PIS for routing investments. Payment for purchase of shares and/or debentures on repatriation basis has to be made by way of inward remittance of foreign exchange through normal banking channels or out of funds held in NRE/FCNR(B) account maintained in India. If the shares are purchased on non-repatriation basis, the NRIs can also utilise their funds in NRO account in addition to the above. 4. Exchange Traded Derivative Contracts A. FIIs * SEBI registered FIIs are allowed to trade in all exchange traded derivative contracts12 approved by RBI/SEBI on recognised Stock Exchanges in India s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e also applicable to the equity segment. Further, Domestic Government Securities (subject to the overall limits specified by the SEBI from time to time; the current limit being USD 10 billion) also can be kept as collateral to the recognised Stock Exchanges in India in addition to the cash for their transactions in cash segment of the market. However, cross-margining of Government Securities (placed as margins by the FIIs for their transactions in the cash segment of the market) shall not be allowed between the cash and the derivative segments of the market. Custodian banks are allowed to issue Irrevocable Payment Commitments (IPCs) in favor of Stock Exchanges / Clearing Corporations of the Stock Exchanges, on behalf of their FII clients for purchase of shares under the PIS. Issue of IPCs should be in accordance with the Reserve Bank regulations on banks' exposure to the capital market issued by the Reserve Bank from time to time and instructions issued vide DBOD Circular no. DBOD.Dir.BC. 46/13.03.00/2010-11 dated September 30, 2010. 6. Short Selling by FIIs A. FIIs FIIs registered with SEBI and SEBI approved sub-accounts of FIIs are permitted to short sell, lend and borrow equ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . However, the respective designated bank (NRIs) / Custodian bank (FIIs) should monitor: * the individual limit of NRI / FII to ensure that it does not breach the prescribed limits. * that the trades are not undertaken in the prohibited sectors when the same is reported to them. * that all trades are reported to them by monitoring the transactions in the designated account. The onus of reporting of FII and NRI transactions lies on the designated custodian/AD bank, depository participant as well as the FII/NRI making these investments. 10. Caution List When the total holdings of FIIs/NRIs under the PIS reach the limit of 2 per cent below the sectoral cap, the Reserve Bank will issue a notice to all designated AD Category - I banks cautioning that any further purchases of shares of the particular Indian company by FIIs/NRIs will require prior approval of the Reserve Bank. The Reserve Bank gives case-by-case approvals to FIIs/NRIs for purchase of shares of companies included in the Caution List. This is done on a first-come-first-served basis. 11. Ban List Once the shareholding by FIIs/NRIs reaches the overall ceiling / sectoral cap / statutory limit, the Reserve Bank place ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrive at the actual cover that can be offered. (v) The investments made by FVCI under the Schedule I of Notification no. FEMA 20 / 2000- RB dated May 3, 2000 as amended from time to time would be governed by the norms as stated therein. Section - IV: Other Foreign Investments 1. Purchase of other securities by NRIs (i) On non-repatriation basis (a) NRIs can purchase shares / convertible debentures issued by an Indian company on non-repatriation basis without any limit. Amount of consideration for such purchase shall be paid by way of inward remittance through normal banking channels from abroad or out of funds held in NRE / FCNR(B) / NRO account maintained with the AD Category - I bank. (b) NRI can also, without any limit, purchase on non-repatriation basis dated Government securities, treasury bills, units of domestic mutual funds, units of Money Market Mutual Funds. Government of India has notified that NRIs are not permitted to make Investments in Small Savings Schemes including PPF. In case of investment on non-repatriation basis, the sale proceeds shall be credited to NRO account. The amount invested under the scheme and the capital appreciation thereon will not be allow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... permitted. d) IDRs shall not be redeemable into underlying equity shares before the expiry of one year period from the date of issue of the IDRs. e) At the time of redemption / conversion of IDRs into underlying shares, the Indian holders (persons resident in India) of IDRs shall comply with the provisions of the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 notified vide Notification No. FEMA 120 / RB-2004 dated July 7 2004, as amended from time to time. Accordingly, the following guidelines shall be followed, on redemption of IDRs: i. Listed Indian companies may either sell or continue to hold the underlying shares subject to the terms and conditions as per Regulations 6B and 7 of Notification No.FEMA 120/RB-2004 dated July 7,2004, as amended from time to time. ii. Indian Mutual Funds, registered with SEBI may either sell or continue to hold the underlying shares subject to the terms and conditions as per Regulation 6C of Notification No. FEMA 120/RB-2004 dated July 7, 2004, as amended from time to time. iii. Other persons resident in India including resident individuals are allowed to hold the underlying shares only for the purpos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period of 3 years. * limit of USD 15 billion for investment in permissible listed corporate debt instruments without any locking period and residual maturity restrictions. d) The present limit of investment by SEBI registered FIIs in Government Securities is USD 10 billion which constitutes of : * limit of USD 5 billion for Government Securities with the residual maturity of 5 years. * limit of USD 5 billion for Government securities without any residual maturity restrictions. 4. Investment by Multilateral Development Banks (MDBs) A Multilateral Development Bank (MDB) which is specifically permitted by the Government of India to float rupee bonds in India can purchase Government dated securities. 5. Foreign Investment in Tier I and Tier II instruments issued by banks in India (i) FIIs registered with SEBI and NRIs have been permitted to subscribe to the Perpetual Debt instruments (eligible for inclusion as Tier I capital) and Debt Capital instruments (eligible for inclusion as upper Tier II capital), issued by banks in India and denominated in Indian Rupees, subject to the following conditions: * Investment by all FIIs in Rupee denominated Perpetual Debt instruments ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Reserve Bank through it's AD Category I bank, not later than 30 days from the date of receipt in the Advance Reporting Form enclosed in Annex - 6.Non-compliance with the above provision would be reckoned as a contravention under FEMA, 1999 and could attract penal provisions. The Form can also be downloaded from the Reserve Bank's website http://www.rbi.org.in/Scripts/BSViewFemaForms.aspx. (c) Indian companies are required to report the details of the receipt of the amount of consideration for issue of shares / convertible debentures, through an AD Category - I bank, together with a copy/ies of the FIRC/s evidencing the receipt of the remittance along with the KYC report (enclosed as Annex - 7) on the non-resident investor from the overseas bank remitting the amount. The report would be acknowledged by the Regional Office concerned, which will allot a Unique Identification Number (UIN) for the amount reported. (ii) Time frame within which shares have to be issued The equity instruments should be issued within 180 days from the date of receipt of the inward remittance or by debit to the NRE/FCNR (B) account of the non-resident investor. In case, the equity instruments are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank under whose jurisdiction the registered office of the company is situated. (d) Issue of bonus/rights shares or shares on conversion of stock options issued under ESOP to persons resident outside India directly or on amalgamation / merger with an existing Indian company, as well as issue of shares on conversion of ECB / royalty / lumpsum technical know-how fee / import of capital goods by units in SEZs has to be reported in Form FC-GPR. 2. Reporting of FDI for Transfer of shares route (i) The actual inflows and outflows on account of such transfer of shares shall be reported by the AD branch in the R-returns in the normal course. (ii) Reporting of transfer of shares between residents and non-residents and vice- versa is to be made in Form FC-TRS (enclosed in Annex - 9-i).The Form FC-TRS should be submitted to the AD Category - I bank, within 60 days from the date of receipt of the amount of consideration.The onus of submission of the Form FC-TRS within the given timeframe would be on the transferor / transferee, resident in India. (iii) The sale consideration in respect of equity instruments purchased by a person resident outside India, remitted into India through normal b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ort the conversion in Form FC-GPR to the Regional Office concerned of the Reserve Bank as well as in Form ECB-2 to the Department of Statistics and Information Management (DSIM), Reserve Bank of India, Bandra-Kurla Complex, Mumbai - 400 051, within seven working days from the close of month to which it relates. The words "ECB wholly converted to equity" shall be clearly indicated on top of the Form ECB-2. Once reported, filing of Form ECB-2 in the subsequent months is not necessary. * In case of partial conversion of ECB, the company shall report the converted portion in Form FC-GPR to the Regional Office concerned as well as in Form ECB-2 clearly differentiating the converted portion from the non-converted portion. The words "ECB partially converted to equity" shall be indicated on top of the Form ECB-2. In the subsequent months, the outstanding balance of ECB shall be reported in Form ECB-2 to DSIM. * The SEZ unit issuing equity as mentioned in para (iii) above, should report the particulars of the shares issued in the Form FC-GPR. 4. Reporting of ESOPs for allotment of equity shares: The issuing company is required to report the details of issuance of ESOPs to its employ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndertaken by it, on behalf of NRIs. This report can be furnished on a floppy to the Reserve Bank and also uploaded directly on the OFRS web site (https://secweb.rbi.org.in/ORFSMainWeb/Login.jsp).It would be the banks responsibility to ensure that the data submitted to RBI is reconciled by periodically taking a NRI holding report for their bank. Part II: Investment in Partnership Firm / Proprietary Concern 1. Investment in Partnership Firm / Proprietary Concern A Non-Resident Indian18 (NRI) or a Person of Indian Origin19 (PIO) resident outside India can invest by way of contribution to the capital of a firm or a proprietary concern in India on non-repatriation basis provided: * i. Amount is invested by inward remittance or out of NRE / FCNR(B) / NRO account maintained with Authorised Dealers / Authorised banks. * ii. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 23, 2007 28. No. FEMA.170/2007-RB November 13, 2007 29. No. FEMA.179/2008-RB August 22, 2008 30. No. FEMA.202/2009-RB November 10,2009 31 No. FEMA.205/2010-RB April 7,2010 Circulars Sl.No. Circulars Date 1. A.P.DIR(Series) Circular No.14 September 26, 2000 2. A.P.DIR(Series) Circular No.24 January 6, 2001 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 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 India a business or vocation outside India, or c) for any other purpose, in such circumstan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h SEBI may purchase / sell Interest Rate Futures subject to the condition that total gross long position does not exceed their individual permissible limit for investment in government securities and the total gross short position, for the purpose of hedging only, does not exceed their long position in the government securities and in the Interest Rate Futures at any point of time. 13Addressed to the Chief General Manager-in-Charge, Reserve Bank of India, Foreign Exchange Department, Foreign Investment Division, Central Office, Mumbai. 14AP Dir Series Circular No 55 dated April 29,2011 15Addressed to the Chief General Manager-in-Charge, Foreign Exchange Department, Reserve Bank of India, Foreign Investment Division, Central Office, Central Office Building, Mumbai 400 001. 16In terms of AP Dir Series Circular No 45 dated March 15,2011 submission of Part B of form FC-GPR has been discontinued. Indian companies are now required to submit an Annual return for Foreign Assets and Liabilities, 17Addressed to the Chief General Manager- in-Charge, Foreign Exchange Department, Reserve Bank of India, Foreign Investment Division, Central Office, Central Office Building, Mumbai 400 001. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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