中國(guó)投資者投資印度，第一個(gè)需要看的文件就是印度的《外匯管理法》（FEMA法案）和《統(tǒng)合外商直接投資政策（ConsolidatedFDI Policy）》這兩個(gè)文件。這兩個(gè)文件解決了中國(guó)資本印度某行業(yè)“可不可以投”、“怎么投”和“利潤(rùn)如何匯回”的問題。

上一次印度發(fā)布《統(tǒng)合外商直接投資政策（Consolidated FDI Policy）》還是在2017年，時(shí)隔近三年，在新冠疫情影響下，印度全國(guó)“封國(guó)”，但政府卻于2020年4月17號(hào)出臺(tái)了對(duì)《統(tǒng)合外商直接投資政策》進(jìn)行修訂的新聞通告，這一次修訂將直接影響所有的中國(guó)投資，印度大恒竺成（Linklegal）律師事務(wù)所將為您進(jìn)行解讀。

此次對(duì)外商投資法的修正，主要是對(duì)第3.1條“適格投資者”進(jìn)行了修正：

3.1.1(a)A non-resident entity can invest in India, subject to the FDI Policy except inthose sectors/activities which are prohibited. However, an entity of a country,which shares land border with India or where the beneficial owner of aninvestment into India is situated in or is a citizen of any such country, caninvest only under the Government route. Further, a citizen of Pakistan or anentity incorporated in Pakistan can invest, only under the Government route, insectors/activities other than defence, space, atomic energy andsectors/activities prohibited for foreign investment.

非居民實(shí)體可以在FDI政策下在除被禁止的部門和項(xiàng)目中投資。不過，如果該實(shí)體屬于與印度接壤的國(guó)家，或者該實(shí)體的實(shí)際控制人位于或者系該國(guó)公民，則此實(shí)體只能在政府路徑下投資。更進(jìn)一步，巴基斯坦的公民以及巴基斯坦成立的實(shí)體只能在政府路徑下投資，且不能在國(guó)防、航空、原子能以及其他禁止外國(guó)投資的領(lǐng)域中投資。

3.1.1(b)In the event of the transfer of ownership of any existing or future FDI in anentity in India, directly or indirectly, resulting in the beneficial ownershipfalling within the restriction/purview of the para 3.1.1(a), such subsequentchange in beneficial ownership will also require Government approval.

如以直接或者間接方式轉(zhuǎn)讓現(xiàn)有的或者將來設(shè)立的在印外商直接投資實(shí)體中的股份或者所有權(quán)，導(dǎo)致實(shí)際所有權(quán)受上述3.1.1（a）款限制或者管轄的，則此類對(duì)所有權(quán)的變動(dòng)也需要政府批注。

印度大恒竺成（Linklegal）律師事務(wù)所評(píng)注：

從修正的行文可以看出，中國(guó)投資者（包括按照印度公司事務(wù)部規(guī)定的實(shí)際受益人規(guī)則確定屬于中國(guó)投資者）因中國(guó)系與印度接壤的國(guó)家，導(dǎo)致中資投資者將受到此次外商投資政策修訂的影響，而先前的政策中僅僅是限制巴基斯坦和孟加拉國(guó)這兩個(gè)與印度接壤的國(guó)家。

但是，請(qǐng)中國(guó)讀者一定要注意到此次修正的主題“Review of Foreign Direct Investment(FDI) policy for curbing opportunistic takeovers/acquisitions of Indiancompanies due to the current COVID-19 pandemic”，即受疫情的影響，限制外國(guó)對(duì)印度公司的投機(jī)性收購(gòu)。

另外，還需要格外注意的是，這次修正并不是“禁止”中國(guó)投資，而是將屬于上述修正范圍的行為由自動(dòng)路徑變更為政府路徑。

就在前不久，中國(guó)銀行資本收購(gòu)了印度銀行巨頭HDFC銀行的股份，但實(shí)踐中更多發(fā)生的情況是，大量中國(guó)投資者為了圖快等方式，采取先用印度股東在印度設(shè)立實(shí)體，然后由國(guó)內(nèi)主體進(jìn)行收購(gòu)的方式，并且在股權(quán)評(píng)估過程中存在弄虛作假行為，以較低的估值進(jìn)行收購(gòu)。

按照印度的行政立法慣例，此次對(duì)《統(tǒng)合外商直接投資政策（Consolidated FDI Policy）》進(jìn)行修訂的新聞通告在出臺(tái)后，政府會(huì)進(jìn)一步作出澄清和解釋，以使得其更具有操作性。

目前基于印度大恒竺成律師事務(wù)所的分析，此次新聞稿中尚有很多含混之處，比如修訂的主題是為了限制對(duì)印度公司的投機(jī)性收購(gòu)，那么按照對(duì)這一主題的理解，如果是綠地投資（greenfield）也就是中國(guó)企業(yè)的投資新建項(xiàng)目不應(yīng)該受到限制。

此外，之前2017年的政策中3.1.5和3.1.7（分別對(duì)外國(guó)機(jī)構(gòu)投資者（FII）、外國(guó)證券投資者（FPI）和外國(guó)風(fēng)險(xiǎn)資本投資者（FVCI）進(jìn)行了規(guī)定）是否也會(huì)受到此次修正的影響，我們也需要等待政府作出進(jìn)一步的澄清和釋義。本次修改需要得到印度央行以《外匯管理法》通知 （FEMA Notification）的形式通過后，才能生效。截止發(fā)稿日，印度央行還沒有發(fā)布相關(guān)通知，因此本次修改尚未正式生效。

同時(shí)附上2017年《統(tǒng)合外商直接投資政策（Consolidated FDIPolicy）》中的原文（附中文翻譯供大家參考）：

3.1 eligible investors 適格投資者

3.1.1. A non-resident entity can invest in India, subjectto the FDI Policy except in those sectors/activities which are prohibited.However, a citizen of Bangladesh or an entity incorporated in Bangladesh caninvest only under the Government route. Further, a citizen of Pakistan or anentity incorporated in Pakistan can invest, only under the Government route, insectors/activities other than defence, space, atomic energy andsectors/activities prohibited for foreign investment. 

非居民實(shí)體可以在FDI政策下在被允許的部門和項(xiàng)目中投資。不過，孟加拉的公民以及在孟加拉成立的公司只能在政府路徑下投資。更進(jìn)一步，巴基斯坦的公民以及巴基斯坦成立的實(shí)體只能在政府路徑下投資，且不能在國(guó)防、航空、原子能以及其他禁止外國(guó)投資的領(lǐng)域中投資。

3.1.2 NRIs resident in Nepal and Bhutan as well ascitizens of Nepal and Bhutan are permitted to invest in the capital of Indiancompanies on repatriation basis, subject to the condition that the amount ofconsideration for such investment shall be paid only by way of inwardremittance in free foreign exchange through normal banking channels. 

在尼泊爾和不丹的非居民印度人和尼泊爾和不丹的公民可以在印度公司的資本中投資，且該投資的金額只能通過正常的銀行渠道的自由外匯中匯入?yún)R款。

3.1.3 OCBs have been derecognized as a class of investorsin India with effect from September 16, 2003. Erstwhile   OCBs which are incorporated outside Indiaand are not under the adverse notice of RBI can make fresh investments underFDI Policy as incorporated non-resident entities, with the prior approval ofGovernment of India if the investment is through Government route; and with theprior approval of RBI if the investment is through Automatic route.

從2003年9月16日起，OCB不再被看作印度的一類投資者。以前在印度境外成立且沒有收到儲(chǔ)備銀行負(fù)面文件的OCB可以在外商直接投資政策下作為非居民實(shí)體進(jìn)行新的投資，如果從政府路徑進(jìn)行投資需要獲得印度政府的事先批準(zhǔn)，如果從自動(dòng)路徑進(jìn)行投資需要獲得印度儲(chǔ)備銀行的事先批準(zhǔn)。

3.1.4 A company, trust and partnership firm incorporatedoutside India and owned and controlled by NRIs can invest in India with thespecial dispensation as available to NRIs under the FDI Policy. 

在印度境外成立并由非居民印度人擁有和控制的公司、信托和合伙公司可以用在外國(guó)直接投資政策下向非居民印度人提供的特許權(quán)在印度投資

3.1.5 (i) Foreign Institutional Investor (FII) andForeign Portfolio Investors (FPI) may in terms of Schedule 2 and 2A of FEMA(Transfer or Issue of Security by Persons Resident Outside India) Regulations,as the case may be, respectively, invest in the capital of an Indian companyunder the Portfolio Investment Scheme which limits the individual holding of anFII/FPI below 10% of the capital of the company and the aggregate limit forFII/FPI investment to 24% of the capital of the company. This aggregate limitof 24% can be increased to the sectoral cap/statutory ceiling, as applicable,by the Indian company concerned through a resolution by its Board of Directorsfollowed by a special resolution to that effect by its General Body and subjectto prior intimation to RBI. The aggregate FII/FPI investment, individually orin conjunction with other kinds of foreign investment, will not exceedsectoral/statutory cap. 

外國(guó)機(jī)構(gòu)投資者（FII）和外國(guó)證券投資者（FPI）可以依據(jù)《外匯管理法（非印度居民發(fā)行和交易證券）規(guī)定》，對(duì)印度公司的資本進(jìn)行投資，證券投資體系把單個(gè)FII/FPI限制在公司資本的10%，總共的FII/FPI限制在公司總資本的24%。24%的總限制可以被提升到部門/法定上限，需要該印度公司的董事會(huì)決定，然后全體決定，并且提前告知儲(chǔ)備銀行。總的FII/FPI投資其自身或者和其他外國(guó)投資一起不應(yīng)超過部門/法定上限。

（ii）An Indian company which has issued shares to FIIs/FPIsunder the FDI Policy for which the payment has been received directly intocompany’s account should report these figures separately under item no. 5 ofForm FC-GPR (Annexure-1)  

根據(jù)外商直接投資政策向FII/FPI發(fā)行股票的印度公司應(yīng)該把其公司賬戶直接收到的付款金額單獨(dú)上報(bào)到FC-GPR表格第5條（附錄1 ）

 （iii）A daily statement in respect of alltransactions (except derivative trade) has to be submitted by the custodianbank in soft copy in the prescribed format directly to RBI and also uploadeddirectly on the OFRS web site (https://secweb.rbi.org.in/ORFSMainWeb/Login.jsp) 

關(guān)于所有交易（除衍生產(chǎn)品）的日常聲明必須由托管銀行以規(guī)定格式直接提交給儲(chǔ)備銀行，并直接上傳到OFRS網(wǎng)站(https://secweb.rbi.org.in/ORFSMainWeb/Login.jsp)

3.1.6 Only registered FIIs/FPIs and NRIs as per Schedules2,2A and 3 respectively of Foreign Exchange Management (Transfer or Issue ofSecurity by a Person Resident Outside India) Regulations, 2000, caninvest/trade through a registered broker in the capital of Indian Companies onrecognised Indian Stock Exchanges.

 只有根據(jù)《外匯管理?xiàng)l例》2、2A和3號(hào)規(guī)定（非印度居民交易和發(fā)行證券）注冊(cè)的FII和FPI才可以通過注冊(cè)經(jīng)紀(jì)人投資和交易印度公司的受到印度證券交易所承認(rèn)的資本。

3.1.7 A SEBI registered Foreign Venture Capital Investor(FVCI) may contribute up to 100% of the capital of an Indian company engaged inany activity mentioned in Schedule 6 of Notification No. FEMA 20/2000,including startups irrespective of the sector in which it is engaged, under theautomatic route. A SEBI registered FVCI can invest in a domestic venturecapital fund registered under the SEBI (Venture Capital Fund) Regulations, 1996or a Category- I Alternative Investment Fund registered under the SEBI (AlternativeInvestment Fund) Regulations, 2012.Such investments shall also be subject tothe extant FEMA regulations and extant FDI policy including sectoral caps, etc.The investment can be made in equities or equity linked instruments or debtinstruments issued by the company (including start-ups and if a startup isorganised as a partnership firm or an LLP, the investment can be made in thecapital or through any profit-sharing arrangement) or units issued by a VCF orby a Category-I AIF either through purchase by private arrangement either fromthe issuer of the security or from any other person holding the security or ona recognised stock exchange.It may also set up a domestic asset managementcompany to manage its investments. SEBI registered FVCIs are also allowed toinvest under the FDI Scheme, as non-resident entities, in other companies,subject to FDI Policy and FEMA regulations. 

印度證券交易委員會(huì)（SEBI）注冊(cè)的外國(guó)風(fēng)險(xiǎn)資本投資者（FVCI）可貢獻(xiàn)多達(dá)100%的印度公司的資本，不過必須從事FEMA 20/2000號(hào)通知的附表6中提到的活動(dòng)，包括在自動(dòng)路徑下的初創(chuàng)公司。SEBI注冊(cè)的FVCI可投資于根據(jù)1996年SEBI（風(fēng)險(xiǎn)投資基金）條例注冊(cè)的國(guó)內(nèi)風(fēng)險(xiǎn)投資基金或根據(jù)SEBI（另外投資基金）條例注冊(cè)的一類另外投資基金。該類投資需要遵守現(xiàn)存的FEMA法規(guī)和現(xiàn)存的FDI政策，包括部門上限等。投資可以在公司發(fā)行的股本或股本相關(guān)的工具或債務(wù)工具中進(jìn)行（包括初創(chuàng)企業(yè)，如果一個(gè)初創(chuàng)公司是合伙企業(yè)或LLP，則可以對(duì)資本投資或通過任何利潤(rùn)共享協(xié)議投資），或由VCF發(fā)行的單位或由類型一的AIF通過契約安排從證券發(fā)行人或任何持有證券的人或在被認(rèn)可證券交易所購(gòu)買的。其也可以設(shè)立一個(gè)國(guó)內(nèi)的資產(chǎn)管理公司來管理其資產(chǎn)。SEBI注冊(cè)的FVCIS也被允許在FDI計(jì)劃下作為非居民實(shí)體在其他公司投資，受外國(guó)直接投資政策和FEMA的規(guī)定。

3.1.8 A Non- Resident Indian may subscribe to NationalPension System governed and administered by Pension Fund Regulatory andDevelopment Authority (PFRDA), provided such subscriptions are made throughnormal banking channels and the person is eligible to invest as per theprovisions of the PFRDA Act. The annuity/ accumulated saving will berepatriable.

非居民印度人可以訂購(gòu)由養(yǎng)老基金管理和發(fā)展局（PFRDA）管理的國(guó)家養(yǎng)老金制度，這些認(rèn)購(gòu)需要是通過正常的銀行渠道進(jìn)行的，且該人按照PFRDA法案的規(guī)定有資格進(jìn)行投資。年金/累積儲(chǔ)蓄可被匯回。