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Consolidated FDI Policy Circular of 2015 Dated Department of Industrial Policy and Promotion Ministry of Commerce and Industry Government of India Consolidated FDI Policy (Effective from May 12, 2015) Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion Consolidated FDI Policy Circular of 2015 Subject: Consolidated FDI Policy The “Consolidated FDI Policy” is attached. 2. This Circular will take effect from May 12, 2015. (Atul Chaturvedi) Joint Secretary to the Government of India D/o IPP F. No. 5(1)/2015-FC-1 Dated the 12th May, 2015 Copy forwarded to: 1. Press Information Officer, Press Information Bureau- for giving wide publicity to the above circular. 2. NIC, DIPP for uploading the circular on DIPP's website. 3. Department of Economic Affairs, Ministry of Finance, New Delhi. 4. Reserve Bank of India, Mumbai. 5. Hindi Section for Hindi Translation. Contents Chapter 1: Intent and Objective ........................................................................................ 1 1.1 Intent and Objective .................................................................................................... 1 Chapter 2: Definitions ........................................................................................................ 3 2.1 Definitions ................................................................................................................... 3 Chapter 3: General Conditions on FDI .............................................................................. 9 3.1 Who Can Invest in India? ............................................................................................ 9 3.2 Entities into which FDI can be made ......................................................................... 11 3.3 Types of Instruments................................................................................................. 14 3.4 Issue/Transfer of Shares ........................................................................................... 16 3.5 Specific Conditions in Certain Cases ........................................................................ 24 3.6 Entry Routes for Investment ...................................................................................... 28 3.7 Caps on Investments ................................................................................................ 30 3.8 Entry Conditions on Investment ................................................................................ 30 3.9 Other Conditions on Investment Besides Entry Conditions ....................................... 30 3.10 Foreign Investment into/downstream Investment by Indian Companies ................... 30 Chapter 4: Calculation of Foreign Investment ............................................................... 33 4.1 Total Foreign Investment i.e. Direct and Indirect Foreign Investment in Indian Companies ................................................................................................................ 33 Chapter 5: Foreign Investment Promotion Board (FIPB) .............................................. 37 5.1 Constitution of FIPB .................................................................................................. 37 5.2 Levels of Approvals for Cases under Government Route ......................................... 37 5.3 Cases which do not require Fresh Approval ............................................................. 37 5.4 Online Filing of Applications for FIPB/Government’s Approval ................................. 38 Chapter 6: Sector Specific Conditions on FDI .............................................................. 39 6.1 Prohibited Sectors ..................................................................................................... 39 6.2 Permitted Sectors ..................................................................................................... 39 Agriculture ........................................................................................................................ 40 6.2.1 Agriculture & Animal Husbandry ............................................................................... 40 6.2.2 Tea Plantation ........................................................................................................... 41 Mining and Petroleum & Natural Gas ............................................................................. 42 6.2.3 Mining ........................................................................................................................ 42 6.2.4 Petroleum & Natural Gas ........................................................................................... 44 Manufacturing ................................................................................................................... 44 6.2.5 Manufacture of items reserved for production in Micro and Small Enterprises (MSEs)44 6.2.6 Defence ..................................................................................................................... 45 Services Sector ................................................................................................................ 48 6.2.7 Broadcasting ............................................................................................................. 48 6.2.8 Print Media ................................................................................................................ 52 6.2.9 Civil Aviation .............................................................................................................. 53 6.2.10 Courier services ....................................................................................................... 56 6.2.11 Construction Development: Townships, Housing, Built-up Infrastructure ................ 56 6.2.12 Industrial Parks ........................................................................................................ 59 6.2.13 Satellites- establishment and operation ................................................................... 60 6.2.14 Private Security Agencies ........................................................................................ 60 6.2.15 Telecom Services .................................................................................................... 60 6.2.16 Trading .................................................................................................................... 61 6.2.17 Railway Infrastructure .............................................................................................. 67 Financial Services ............................................................................................................ 68 6.2.18.1 Asset Reconstruction Companies ......................................................................... 68 6.2.18.2 Banking- Private Sector ........................................................................................ 68 6.2.18.3 Banking- Public Sector ......................................................................................... 71 6.2.18.4 Commodity Exchanges ......................................................................................... 71 6.2.18.5 Credit Information Companies (CIC) .................................................................... 72 6.2.18.6 Infrastructure Company in the Securities Market .................................................. 73 6.2.18.7 Insurance .............................................................................................................. 73 6.2.18.8 Non-Banking Finance Companies (NBFC) ........................................................... 75 Others ................................................................................................................................ 77 6.2.19 Pharmaceuticals ...................................................................................................... 77 6.2.20 Power Exchanges .................................................................................................... 78 Chapter 7: Remittance, Reporting and Violation ........................................................... 79 7.1 Remittance and Repatriation ..................................................................................... 79 7.2 Reporting of FDI ........................................................................................................ 80 7.3 Adherence to Guidelines/Orders and Consequences of Violation ............................ 83 Annexures ......................................................................................................................... 86 Annex-1 Form FC-GPR ..................................................................................................... 86 Annex - 2 Terms and conditions for transfer of capital instruments from resident to non- resident and vice-versa ..................................................................................... 93 Annex- 3 Documents to be submitted by a person resident in India for transfer of shares to a person resident outside India by way of gift..................................................... 98 Annex - 4 Definition of "relative" as given in Section 2 (77) of Companies Act, 2013 ........ 99 Annex - 5 Report by the Indian company receiving amount of consideration for issue of shares/convertible debentures under the FDI scheme .................................... 100 Annex – 6 Know Your Customer (KYC) Form in respect of the non-resident investor .... 101 Annex – 7 Form Annual Return on Foreign Liabilities and Assets ..................................
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