Globalisation and Foreign Exchange Issues. CA Rajeev Bhargav ACA, ACS, LLB, M.Com

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1 Globalisation and Foreign Exchange Issues ACA, ACS, LLB, M.Com

2 Contents Globalization Opportunities in International Business Cross Border Investments/ Joint Ventures International Finance Forex Risk Management Recent Government Initiatives (Make in India, Digital India etc.) Foreign Trade Policy ( ) FEMA Compliances for International Transactions

3 Globalisation Opportunities in International Business Economic Globalisation is increasing at fast pace across all economies in the globe. Today different economies and people across the globe are connected together and getting closer with the distances and barriers decreasing rapidly by the change in technology, legal framework and improvements in transportation. Economic Liberalisation and free trade agreements have opened the economy to the world. Indian Entities have tremendous opportunities in Global Trade and in fact Indian Companies are increasingly doing Business abroad. Access to better technologies, cheaper raw materials, financial inflows, access to large markets through exports. Advancement of communication and technology enabled provision of services without any physical presence. Tough Competition from Multinational Organisations. New risks introduced in business like currency risks, International Disputes management, political risks, regulatory risks etc. Doing business becomes more challenging in poorer countries and thereby gap may keep on increasing. Increased challenges for Small & Medium Enterprises (SME) to compete with big multinational organisations across the globe.

4 Cross Border Investments/Joint Ventures (Important Points) Business Structure Management Financial Committment Identifying JV Partner Due Diligence Planning Understanding Different Cultures JV Agreement Market Research Regulatory Approvals Taxation Dispute Settlement Closure of Business

5 International Finance External Commercial Borrowings from commercial Banks/JV Partner (ECB). International Agencies and Development Banks IFC, ADB etc. Domestic Borrowing from Bank against Stand By Letter of Credit (SBLC). Foreign Direct Investment (FDI) from JV Partners/Holding Company Abroad Private Equity (PE) Venture Capital Funding (VCF) International Capital Markets Foreign Currency Convertible Bonds (FCCB) Global Depository Receipts / American Depository Receipts (GDR/ADR)

6 External Commercial Borrowings (ECB) ECB includes: Bank Loan, Buyers, Suppliers credit Preference Shares, Loan from Foreign Promoters etc. Foreign Direct Investment (FDI) FDI includes: Investment in Equity Shares by Foreign Party Compulsory Convertible Preference Shares Cheaper source of Funds Not available for Working Capital / Repayment of Domestic Loan Availability of funds for Big Size Projects Suitable for Import of Capital Goods / Setting up of subsidiary abroad Forex Exposure / Additional Cost of Hedging FEMA Compliances Most sectors covered under Automatic Route Can be used for Working Capital Equity gives some control & Voting rights to the investor Can not be repaid easily Availability of funds for Big Size Projects Suitable for risky projects/ permanent capital Not Available for certain sectors like: Real Estate, Retail etc.

7 Identify the nature of FX Exposure Maintain Documentation Develop a simple Risk Management Policy Forex Hedging Process Adjust for changing Market Conditions Fix Up your Goals Execute your strategy with Selected Tools Select the Products/ Tools

8 Products/ Tools in Forex Risk Management Forex Derivatives/Forwards Money Markets Other Future / Options Forward Contracts Non-deliverable Forward (NDF) Treasury Bills Bill of Exchange Commercial Paper Flexible Sourcing Diversifying Export Markets Currency Swaps

9 Currency Futures Forward Contracts A currency future, also known as FX future, is a futures contract to exchange one currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date. Forward contract can be entered with Bank to buy/sell a currency, at a predetermined future exchange rate. Reduced Cost No Restrictions / Easy to operate Transparent System Suitable for MSME No need for Margin Money, Limits can be set up with Bank Simple to manage Rates can be negotiated with Bank Requirement to deposit Margin Money Daily Mark to Market Non- Transparent Banks give more favourable rate to big clients Costlier than Futures

10 Recent Government Initiatives Make in India The Make in India program includes major new initiatives designed to facilitate investment, foster innovation, protect intellectual property, and build best-in-class manufacturing infrastructure. Doing business in India will be made easier new de-licensing and deregulation measures are reducing complexity, and significantly increasing speed and transparency. India s manufacturing infrastructure and capacity for innovation is poised for phenomenal growth: new smart cities and industrial clusters, being developed in identified industrial corridors having connectivity, new youthfocused programs and institutions dedicated to developing specialized skills. A new National Industrial Corridor Development Authority is being created to coordinate, integrate, monitor and supervise development of all Industrial Corridors. With the easing of investment caps and controls, India s high- value industrial sectors defense, construction and railways are now open to global participation. Policy in Defence sector liberalised and FDI cap raised from 26% to 49%.

11 Recent Government Initiatives Digital India The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy.

12 Recent Government Initiatives Ease of Doing Business Process of applying for Industrial License & Industrial Entrepreneur Memorandum made online on 24 7 basis through ebiz portal. Validity of Industrial license extended to three years. Major components of Defense products list excluded from industrial licensing. Dual use items having military as well as civilian applications deregulated. Process of obtaining environmental clearances made online. An electronic procedure has been created for Import Export Code (IEC Code), in which the documents can be uploaded online. There would be no need to file the physical documents. The online facility is also being created for Authorisation /License by exporter. Consignment of items meant for exports shall not be withheld/delayed for any reason by any agency of Central/State Government. In case of doubt, the authorities can release the consignment on the basis of undertaking.

13 Recent Government Initiatives Ease of Doing Business 24*7 Customs clearance has been made available at 18 sea ports. Prior filing facility of shipping bill has been provided by Customs 7 days for air shipment and 14 days for sea. Following advisories sent to all Departments/ State Governments to simplify and rationalize regulatory environment. All returns should be filed on-line through a unified form. A check-list of required compliances should be placed on Ministry s/department s web portal. All registers required to be maintained by the business should be replaced with a single electronic register. No inspection should be undertaken without the approval of the Head of the Department. For all non-risk, non-hazardous businesses a system of self-certification to be introduced.

14 Foreign Trade Policy ( ) Merchandise Exports (MEIS) Market categorized into three categories Traditional Markets, Emerging & Focus Markets, Other Markets. Goods originated / manufactured in India are only eligible. Service Exports (SEIS) SEIS provides for reward to Service providers located in India and providing export of services. Present rate of reward between 3 to 5%. Export obligation under EPCG reduced to 75% in case of domestic procurement of capital goods. Other Incentives Inter unit transfer of goods and services allowed to EOUs, EHTPs, STPs.

15 Foreign Trade Policy ( ) : Incentives Duty Credit Scrips are freely transferable with no conditionality attached. Debited Value is eligible for Cenvat/Duty Drawback Only Notified Services are covered under SEIS Commercial Presence or presence of natural person not eligible for SEIS Incentive now also available to SEZ units Scrips can be used for payment of Import Duty, Excise, Service Tax etc. Validity of MEIS Scrips 18 months Declaration on Shipping Bill is mandatory to claim the benefit under MEIS Scheme. Minimum Forex Earning: Individual : USD 10,000 Other : USD 15,000 SEIS 12 months of end of FY MEIS- 12 months of LEO date or 3 months from date of uploading of EDI Shipping bill, whichever is later

16 FEMA Compliances for International Transactions Current Account Transactions Import of Goods & Services Export of Goods & Services Setting up of Branch Office Abroad Capital Account Transactions Foreign Direct Investment in India Overseas Direct Investment from India External Commercial Borrowings Others Liberalized Remittance Scheme for Indian Citizens Round Tripping Issues

17 Import of Goods & Services Importer to submit Evidence of Import ex. Bill of Entry to AD For non-physical Imports CA Certificate Remittance should be generally made within six months from the date of shipment. Merchanting Trade: AD 1 category Bank may handle bonafide merchanting trade transaction Advance remittance against import allowed upto USD 2,00,000 for goods and upto USD 5,00,000 for services LC/Guarantee required for exceeding the limit Importer can also make payment to Third Party subject to certain conditions.

18 Export of Goods & Services The full export value of goods exported should be received through AD Bank in convertible foreign exchange through Banking channel. Exporter to fully realize and repatriate the export proceeds within nine months of export. Exporters may open Exchange Earner s Foreign Currency Account (EEFC Account). Advance against exports should not carry interest higher than LIBOR BP, Export to be made within one year. Prior Approval required for export of machinery, equipment etc. on lease/hire basis. Write off of export bills allowed upto 5% by exporter and upto 10% by AD, of total export proceeds during the previous calendar year.

19 Setting up of Branch Office Abroad Not to create additional liabilities for HO. Not to invest surplus funds abroad Initial Expense: upto 15% of Average Turnover of last 2 years, or 25% of Net Worth (Whichever is higher) Recurring Expense: upto 10% of Average Turnover of last 2 years, or 25% of Net Worth (Whichever is higher) The overseas Branch to conduct normal business Activities Details of Bank Account opened overseas should be promptly reported to RBI through AD Audited Yearly statement to be filed with RBI through AD

20 Foreign Direct Investment in India Foreign Entity Company Limited Liability Partnership (LLP) Partnership/ Proprietorship Automatic Route Approval Route Prohibited Sectors To give intimation to Authorised Dealer (Bank) in form FC-GPR/FCTRS Mandatory valuation of Shares Sectoral caps are applicable on certain sectors Prior Approval of DIPP required for certain sectors or if not complying with the conditions under Automatic Route. Investment in LLP is only under Approval Route FDI in Sole Proprietary/ Partnership is not permitted. Certain Sectors are prohibited: Real Estate, Lottery, Gambling and Batting, Atomic Energy, Cigars, Cigratees, tobacco or tobacco substitutes. NRI/PIO can make investment on Non-Repatriable basis without any limit.

21 Overseas Direct Investment from India (ODI) Indian Party Company, LLP and Registered Firm Equity Shares Preference Shares Debt Debentures Guarantee Financial/Performance To give intimation to Authorised Dealer (Bank) in form ODI Automatic Route Total Financial Commitment permitted upto 400% of Net Worth Mandatory valuation of Shares Approval Route Prior Approval of RBI required, if not complying with the conditions under Automatic Route Only Debt without equity will be under Approval Route Specifically Prohibited Activities Real Estate and Banking Activities Investment in unincorporated entities

22 External Commercial Borrowings (ECB) Non-Service Sector USD 750 Mn. Per FY Service Sector USD 200 Mn. Per FY Eligible Borrowers Manufacturing Software, Hotels, Hospitals Training, R&D, Supporting Infra, Specified NBFC, NGOs etc. Recognised Lenders International Banks/FIs, International Capital Markets, Export Credit Agencies, Suppliers of Equipment, Foreign Collaborators holding >25% equity, Ultimate Holding, Group Companies Up to USD 20 Million 3 Years Above USD 20 Million 5 Years End Use: Capital Expansion, Outbound Investment, Import of Services, Technical Knowhow, payment of license fees 3-5 Years : LIBOR Basis Points >5 Years : LIBOR Basis Points (Expense in INR not included)

23 Liberalized Remittance Scheme Individuals Residents in India USD 2.50 Lacs P.A. Per Person Investment in Unlisted Companies without Compliances of ODI Can buy Property Abroad All purposes other than specifically prohibited Pooling with family possible Remittances to Bhutan, Nepal, Mauritius & Pakistan Gift/Loan is also allowed to PIO/NRI who is close relative

24 Funds Infusion Equity Funds Infusion Round Tripping Issues Example - 1 Example - 2 Indian Company Foreign Bank Indian Company Private Equity Foreign Company Foreign Company Indian Company Indian Company

25 Disclaimer This Presentation is intended to serve as a guide to the Member Participants of the Seminar/Conference and for information purposes only; and the contents are not to be construed in any manner whatsoever as a substitute for professional advice or legal opinion. No one should act on such information without appropriate professional advice after a thorough examination of particular situation. Information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. While due care has been taken to ensure that the information is current and accurate to the best of our knowledge and belief, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. These PPTs contain information that is privileged and confidential. Unauthorized reading, dissemination, distribution or copying of this document is prohibited. We shall not be responsible for any loss or damage resulting from any action or decision taken on the basis of contents of this material.

26 Participants can mail your queries to IICA or to the following id: Presentor s Contact Details: Thank You Rajeev Bhargav R Bhargav & Associates, 703-A, Devika Towers, Nehru Place, New Delhi Phone: , , Website:

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