The committee was constituted to rationalize the definition of foreign direct investment (FDI) and foreign institutional investment (FII) based on an announcement by the Finance Minister. The committee met several times and studied conceptual frameworks for FDI and portfolio investment. It recommended merging various portfolio investment forms under a single foreign portfolio investment (FPI) definition. Investments of less than 10% would be considered FPI, while those of 10% or more would be FDI. The committee also provided other recommendations regarding foreign venture capital investors, non-resident Indian investors, and concluded that the classifications should ultimately be simplified to FPI and FDI investors.
Key Takeaways:
- History of Fund Management in India
- India's Fund Management Potential
- Investing Population in India
- India as an IFSC
- Various Funds and Regulators
Here I'm describing about FII. TOPICs covered __What is FII,regulation for investing in Indian companies, the eligibility for applicant seeking FII registration, advantages, disadvantages, FDI vs FII, conclusion
Key Takeaways:
- History of Fund Management in India
- India's Fund Management Potential
- Investing Population in India
- India as an IFSC
- Various Funds and Regulators
Here I'm describing about FII. TOPICs covered __What is FII,regulation for investing in Indian companies, the eligibility for applicant seeking FII registration, advantages, disadvantages, FDI vs FII, conclusion
SEBI - Clarification on clubbing of investment limits of foreign portfolio in...Venkatesh Prabhu
Clubbing of investment limit for FPIs will be on the basis of common ownership of more than 50% or based on common control. However, clubbing of investment limit of FPIs having common control shall not be done in case of (a) FPIs which are appropriately regulated public retail funds or (b) FPIs which are public retail funds majority owned by appropriately regulated public retail funds on look through basis or (c) FPIs which are public retail funds and investment managers (IMs) of such FPIs are appropriately regulated.
This was presented by CA. Sudha G. Bhushan as a key note speaker in the national seminar on Foreign INvestment Flows in India organised by Lala Lajpat Rai Institute of Management.
Brief overview of Foreign Portfolio Investments - impact on the economy and impact by the economic variables, with special statistics & focus on India.
Foreign exchange is applicable on all type of foreign inflow in the India. Fema is applicable venture funding in india. all investment by NRI in india subject to FEMA regulations.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
2. BBaacckkggrroouunndd
1. While presenting the Union Budget for 2013-
14, the Finance Minister announced as follows:
“In order to remove the ambiguity that prevails on
what is Foreign Direct Investment (FDI) and what is
Foreign Institutional Investment (FII), I propose to
follow the international practice and lay down a broad
principle that, where an investor has a stake of 10
percent or less in a company, it will be treated as FII
and, where an investor has a stake of more than 10
percent, it will be treated as FDI. A committee will be
constituted to examine the application of the principle
and to work out the details expeditiously.”
22.. Pursuant to the announcement, a Committee
was constituted by Government of India under the
Chairmanship of Dr. Arvind Mayaram, Secretary DEA,
Ministry of Finance to implement the announcement
made by the Hon’ble Finance Minister. A copy of the
order constituting the Committee and the terms of
reference is placed at Annex 1.
Report of the Committee on
FDI / FII definition Page 1 of 12
3. MMeetthhooddoollooggyy
33.. The Committee held 4 meetings viz. on April 4,
2013, July 26, 2013, November 12, 2013 and January
9, 2014. In view of the sensitivity and special
significance of NRIs as a class of investors, and the fact
that this is the only class of investors which can also
undertake non-repatriable investments, it was decided
that the issues involving investments made by NRIs
would be looked into separately. In addition to the
above meetings, discussions were held by the Secretary
(EA) with DG RBI, SEBI and DIPP on various aspects
including the sectoral caps in different sectors. The
proposals to liberalise sectoral caps in some sectors has
been separately carried forward by DIPP, duly approved
by the appropriate authority and placed in the public
domain as Press Note 6 of 2013. In parallel, based on
the recommendations of the SEBI constituted
Chandrashekhar Committee, the Foreign Portfolio
Regulations have been notified on January 7, 2014.
Report of the Committee on
FDI / FII definition Page 2 of 12
4. CCoonncceeppttuuaall FFrraammeewwoorrkk
44.. The available literature on the subject was
studied and the following conceptual framework was
adopted for framing the recommendations.
44..11 Foreign Direct investment (FDI) is
characterised by
A lasting interest i.e. existence of a long term
relationship, significant degree of influence.
Normally, ownership of 10 percent or more of
the ordinary shares OR voting power signifies
this relationship.
Involves both initial and subsequent
transactions
44..22 Portfolio Investment (FPIs and NRIs in our
context) is characterised by
Portfolio investment is distinctive because of the
nature of the funds raised, the largely
anonymous relationship between the issuers
and holders, and the degree of trading
liquidity in the instruments
It covers, but is not limited to securities traded
on organized or other financial markets.
Report of the Committee on
FDI / FII definition Page 3 of 12
5. FFoorreeiiggnn PPoorrttffoolliioo IInnvveessttmmeenntt ((FFPPII))
RReeccoommmmeennddaattiioonnss
55.. The following are the recommendations:
55..11 The various forms of portfolio investments have
been merged under the definition of Foreign Portfolio
Investment (FPI) and investor classes presently
regulated as FIIs and QFIs are also included in these.
55..22 Any investment by way of equity shares,
compulsorily convertible preference shares/debentures
less than 10 percent of the post-issue paid up equity
capital of a company or less than 10 percent of the
post-issue paid up value of each series of convertible
debentures of a listed / to be listed Indian investee
company by eligible foreign investors shall be treated
as Foreign Portfolio Investment (FPI).
55..33 Investments by foreign investors under private
placement /arrangement less than 10 percent of post
issue paid up capital shall be treated as FPI. This would
be subject to the transaction being undertaken at a
price determined according to the SEBI (ICDR)
Regulations.
55..44 Regulatory framework for investment by NRIs
is proposed to be reviewed later in tune with definition
of Overseas Citizenship Scheme.
55..55 Necessary checks and balances need to be
placed to ensure that the Foreign Portfolio Investors do
not act in concert or a single FPI investor does not
Report of the Committee on
FDI / FII definition Page 4 of 12
6. circumvent the regulatory framework by splitting the
investment or by acting in concert with others. This will
need to be specifically ensured in the SEBI Regulatory
framework for FPIs. In particular, FPI will be subject to
the prevailing SEBI (SAST) Regulations.
55..66 The monitoring of the individual FPI limit of less
than 10 percent will be done as hitherto by SEBI. The
compliance with the FPI aggregate limit is as of now
being done by RBI based on the reports of daily
transactions of the FPIs (FIIs earlier) by their
respective custodians, and this will continue.
55..77 Further, the onus of adherence to the
aggregate FPI limit will also be cast on the Investee
Company which can be asked to get the compliance to
the foreign investment limit verified by the Statutory
Auditor on a half-yearly basis and in case of non-compliance
bring such instances of non-compliance to
the notice of RBI.
Report of the Committee on
FDI / FII definition Page 5 of 12
7. FFoorreeiiggnn DDiirreecctt IInnvveessttmmeenntt ((FFDDII))
RReeccoommmmeennddaattiioonnss
66.. The following are the recommendations:
66..11 Foreign investment of 10 percent or more
through eligible instruments made in an Indian listed
company would be treated as FDI. All existing foreign
investments below the threshold limit made under the
FDI Route shall however, continue to be treated as FDI.
66.. 22 An investor may be allowed to invest below the
10 percent threshold and this can be treated as FDI
subject to the condition that the FDI stake is raised to
10 percent or beyond within one year from the date of
the first purchase. The obligation to do so will fall on
the company. If the stake is not raised to 10% or
above, then the investment shall be treated as portfolio
investment
66..33 In case an existing FDI falls to a level below 10
percent, it can continue to be treated as FDI without an
obligation to restore it to 10% or more, as the original
investment was an FDI.
66..44 Foreign Investment in an unlisted company
irrespective of threshold limit may be treated as FDI.
66..55 In a particular company, an investor can hold
the investments either under the FPI route or under the
FDI route, but not both.
Report of the Committee on
FDI / FII definition Page 6 of 12
8. OOtthheerr rreeccoommmmeennddaattiioonnss
FFoorreeiiggnn VVeennttuurree CCaappiittaall IInnvveessttoorrss
77.. There are two basic issues with FVCI investments.
Firstly, it is the nature of activities eligible for FVCI
investment. RBI has been currently restricting FVCI
investors to invest in 10 sectors and has also proposed
to the Government to enhance this to 13 sectors. The
origin of this restriction is nebulous as it does not figure
in the SEBI (FVCI) Regulations and also is not
mandated in the FEMA 20 Schedule 6. This seems to
have crept into practice when the tax pass through
status in the Income Tax for the domestic venture
capital Funds was restricted to 9 sectors in the Budget
of 2009. This has since been modified in 2013 and
therefore the restriction is without any basis and there
is a need for a relook. The second issue is of exemption
from pricing guidelines on exit of FVCI investors. FVCI
investors in essence are FDI investors and in fact
indistinguishable but for the nomenclature. The
exemption from pricing guidelines therefore needs
justification to avoid arbitrage on this count. A
separate team of SEBI, RBI and DEA can look into all
the aspects of FVCI investment and rationalise the
same.
Report of the Committee on
FDI / FII definition Page 7 of 12
9. OOtthheerr rreeccoommmmeennddaattiioonnss
NNRRII IInnvveessttoorrss
88.. This set of investors has a special place in the
foreign investment regime since NRI funds flow even
through deposits and remittances. Special privileges
are also available to NRIs in terms of the Overseas
Citizenship Act and the provision to make ‘non-repatriable’
investments under Schedule 4 of FEMA 20.
This position would remain and following measures may
be explored to reinforce the same:
88..11 There is a case for treating ‘non-repatriable’
investment as ‘domestic’ and exempting it from FDI
related conditions. The present reporting system of
such transactions is not very robust, but it can be
strengthened by RBI.
88..22 NRIs have set up large businesses abroad and
may prefer investing through corporate entities.
Overseas Corporate Bodies was one such vehicle, but
for various reasons, that has been derecognised in late
2003. With suitable safeguards and checks, this can be
revived in a different form and NRI investments
enhanced.
Report of the Committee on
FDI / FII definition Page 8 of 12
10. CCoonncclluussiioonn
99.. It should be the endeavour to simplify the
classification of foreign investment and enable basically
two classes of foreign investors in the long run viz.
Portfolio Investors and FDI Investors, and at best carve
outs therein for NRIs, in view of their special status.
- --- --- --- --- --- --- --- --- --- --- --- --- --- --
Report of the Committee on
FDI / FII definition Page 9 of 12
11. CCoommmmiitttteeee ffoorr rraattiioonnaalliizziinngg tthhee
ddeeffiinniittiioonn ooff FFDDII aanndd FFIIII
S.
No
Name Designation /
Department
1
Dr. Arvind Mayaram
Chairman
Secretary, DEA
2 Shri Saurabh
Chandra
Secretary, DIPP
3 Shri H. R. Khan Dy. Governor, RBI
4 Shri S. Raman WT Member, SEBI
5 Shri I.S. Bains Joint Secretary, MOIA
6 Smt Pragya S.
Saksena
Joint Secretary , D/o
Revenue
7 Shri P K. Mishra
Member-Secretary
Joint Secretary , D/o
Economic Affairs
NNootteess::
1 The post of CEA has been lying vacant
2 Dr K P Krishnan AS EA attended the last two
meetings by invitation.
Report of the Committee on
FDI / FII definition Page 10 of 12
12. Report of the Committee on
FDI / FII definition Page 11 of 12
Annex 1
F. No. 1/6/2013-FIU
Ministry of Finance
Department of Economic Affairs
(Investment Division)
Foreign Investment Unit
Room No. 64, North Block
New Delhi, 13th March, 2013.
OFFICE MEMORANDUM
Subject: Constitution of the Committee for rationalizing the definition of
FDI and FII- reg.
Following has been announced in the Budget Speech 2013-14 [Para 95]:
“In order to remove the ambiguity that prevails on what is Foreign Direct
Investment (FDI) and what is Foreign Institutional Investment (FII), I
propose to follow the international practice and lay down a broad principle
that, where an investor has a stake of 10 percent or less in a company, it
will be treated as FII and, where an investor has a stake of more than 10
percent, it will be treated as FDI. A committee will be constituted to
examine the application of the principle and to work out the details
expeditiously.”
2. In accordance with the budget announcement, a committee is hereby
constituted, to examine and work out the details of the application of the
principle followed internationally for defining FDI and FII, as indicated
below:
a. Secretary, Department of Economic Affairs - Chairperson
b. Secretary, DIPP - Member
c. Chief Economic Advisor, DEA - Member
d. Mr. H. R. Khan, Dy. Governor, RBI - Member
e. Mr. S. Raman, Member SEBI - Member
f. Joint Secretary, Department of Revenue - Member
g. Joint Secretary, Ministry of
Overseas Indian Affairs - Member
h. Joint Secretary (Investment)
D/o Economic Affairs - Member Secretary
3. This issues with the approval of the Finance Minister.
(G.K. Sinha)
Under Secretary to the Government of India
Tel: 23092835
E-mail: ganga.sinha@nic.in
... .Contd/-2
13. -2-
F. No. 1/6/2013-FIU
Date- 13th March, 2013
Copy to:
1. Sh. Saurabh Chandra, Secretary, DIPP, Udyog Bhawan, New Delhi
2. Sh. Raghuram G. Rajan, Chief Economic Advisor, DEA, North Block, New
Delhi.
3. Mr. H. R. Khan, Dy. Governor, RBI, Mumbai.
4. Mr. S. Raman, Member SEBI, Mumbai.
5. Joint Secretary, Department of Revenue, North Block, New Delhi.
6. Joint Secretary, Ministry of Overseas Indian Affairs, Akbar Bhawan,
Chanakyapuri, New Delhi.
Report of the Committee on
FDI / FII definition Page 12 of 12