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February 2013

Foreign Direct Investment (FDI) in India – Issue of equity shares under the FDI scheme allowed under the Government route

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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This circular has amended the following conditions relating to issue of equity shares/preference shares under the Approval Route by conversion of import of capital goods, etc.: –

A. P. (DIR Series) Circular No. 74 dated 30th June, 2011

Earlier Condition

Revised condition

Para 3(I)

Import of capital goods/Machineries/ equipment (including secondhand machineries),

Import of capital goods/Machineries/ equipment (excluding secondhand machineries),

Para 3(I)(b)

There is an independent valuation of the capital goods/ machineries/ quipment (including second-hand machineries) by a third party entity, preferably by an independent valuer from the country of import along with production of copies of documents/ certificates issued by the customs authorities towards assessment of the fair value of such imports;

There is an independent valuation of the capital goods/ machineries/ equipment (excluding second-hand machineries) by a third party entity, preferably by an independent valuer from the country of import along with production of copies of documents/ certificates issued by the customs authorities towards assessment of the fair value of such imports;

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