中國投資者投資印度，第一個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）》這兩個文件。這兩個文件解決了中國資本印度某行業(yè)“可不可以投”、“怎么投”和“利潤如何匯回”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，時隔近三年，在新冠疫情影響下，印度全國“封國”，但政府卻于2020年4月17號出臺了對《統(tǒng)合外商直接投資政策》進行修訂的新聞通告，這一次修訂將直接影響所有的中國投資，印度大恒竺成（Linklegal）律師事務所將為您進行解讀。

此次對外商投資法的修正，主要是對第3.1條“適格投資者”進行了修正：

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.

非居民實體可以在FDI政策下在除被禁止的部門和項目中投資。不過，如果該實體屬于與印度接壤的國家，或者該實體的實際控制人位于或者系該國公民，則此實體只能在政府路徑下投資。更進一步，巴基斯坦的公民以及巴基斯坦成立的實體只能在政府路徑下投資，且不能在國防、航空、原子能以及其他禁止外國投資的領域中投資。

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)有的或者將來設立的在印外商直接投資實體中的股份或者所有權，導致實際所有權受上述3.1.1（a）款限制或者管轄的，則此類對所有權的變動也需要政府批注。

印度大恒竺成（Linklegal）律師事務所評注：

從修正的行文可以看出，中國投資者（包括按照印度公司事務部規(guī)定的實際受益人規(guī)則確定屬于中國投資者）因中國系與印度接壤的國家，導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這兩個與印度接壤的國家。

但是，請中國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，限制外國對印度公司的投機性收購。

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

就在前不久，中國銀行資本收購了印度銀行巨頭HDFC銀行的股份，但實踐中更多發(fā)生的情況是，大量中國投資者為了圖快等方式，采取先用印度股東在印度設立實體，然后由國內(nèi)主體進行收購的方式，并且在股權評估過程中存在弄虛作假行為，以較低的估值進行收購。

按照印度的行政立法慣例，此次對《統(tǒng)合外商直接投資政策（Consolidated FDI Policy）》進行修訂的新聞通告在出臺后，政府會進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印度公司的投機性收購，那么按照對這一主題的理解，如果是綠地投資（greenfield）也就是中國企業(yè)的投資新建項目不應該受到限制。

此外，之前2017年的政策中3.1.5和3.1.7（分別對外國機構(gòu)投資者（FII）、外國證券投資者（FPI）和外國風險資本投資者（FVCI）進行了規(guī)定）是否也會受到此次修正的影響，我們也需要等待政府作出進一步的澄清和釋義。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)布相關通知，因此本次修改尚未正式生效。

同時附上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. 

非居民實體可以在FDI政策下在被允許的部門和項目中投資。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。更進一步，巴基斯坦的公民以及巴基斯坦成立的實體只能在政府路徑下投資，且不能在國防、航空、原子能以及其他禁止外國投資的領域中投資。

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備銀行負面文件的OCB可以在外商直接投資政策下作為非居民實體進行新的投資，如果從政府路徑進行投資需要獲得印度政府的事先批準，如果從自動路徑進行投資需要獲得印度儲備銀行的事先批準。

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直接投資政策下向非居民印度人提供的特許權在印度投資

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. 

外國機構(gòu)投資者（FII）和外國證券投資者（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》，對印度公司的資本進行投資，證券投資體系把單個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決定，然后全體決定，并且提前告知儲備銀行。總的FII/FPI投資其自身或者和其他外國投資一起不應超過部門/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該把其公司賬戶直接收到的付款金額單獨上報到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)《外匯管理條例》2、2A和3號規(guī)定（非印度居民交易和發(fā)行證券）注冊的FII和FPI才可以通過注冊經(jīng)紀人投資和交易印度公司的受到印度證券交易所承認的資本。

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（SEBI）注冊的外國風險資本投資者（FVCI）可貢獻多達100%的印度公司的資本，不過必須從事FEMA 20/2000號通知的附表6中提到的活動，包括在自動路徑下的初創(chuàng)公司。SEBI注冊的FVCI可投資于根據(jù)1996年SEBI（風險投資基金）條例注冊的國內(nèi)風險投資基金或根據(jù)SEBI（另外投資基金）條例注冊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的工具或債務工具中進行（包括初創(chuàng)企業(yè)，如果一個初創(chuàng)公司是合伙企業(yè)或LLP，則可以對資本投資或通過任何利潤共享協(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可證券交易所購買的。其也可以設立一個國內(nèi)的資產(chǎn)管理公司來管理其資產(chǎn)。SEBI注冊的FVCIS也被允許在FDI計劃下作為非居民實體在其他公司投資，受外國直接投資政策和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由養(yǎng)老基金管理和發(fā)展局（PFRDA）管理的國家養(yǎng)老金制度，這些認購需要是通過正常的銀行渠道進行的，且該人按照PFRDA法案的規(guī)定有資格進行投資。年金/累積儲蓄可被匯回。