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Date: 16-Apr-2024 Category: Extra Ordinary State: Union Government Country: India

Notification for Foreign Exchange Management Non debt Instruments Third Amendment Rules 2024

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

What it means

  • The notification S.O. 1722(E) amends the Foreign Exchange Management (Non-debt Instruments) Rules, 2019. These amendments are called the Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2024. The amendments pertain to foreign investment in the space sector.

Key Changes

  • The notification replaces the existing entry for the space sector in Schedule I of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019.
  • Satellites-Manufacturing and Operation: Allows automatic foreign investment up to 74%. Investments beyond 74% require government approval.
  • Satellite Data Products: Permits 100% automatic foreign investment.
  • Ground Segment and User Segment: Allows automatic foreign investment up to 74%. Investments beyond 74% require government approval.
  • Launch Vehicles and associated systems or sub-systems: Permits automatic foreign investment up to 49%. Investments beyond 49% require government approval.
  • Creation of Spaceports for launching and receiving Spacecraft: Allows automatic foreign investment up to 49%. Investments beyond 49% require government approval.
  • Manufacturing of components and systems or sub-systems for satellites, Ground Segment and User Segment: Permits 100% automatic foreign investment.
  • Investee entities are subject to sectoral guidelines issued by the Department of Space.
  • Definitions for various terms related to the space sector are provided, including 'Satellites – Manufacturing and Operation', 'Satellite Data Products', 'Ground Segment', 'User Segment', 'Launch Vehicles and Associated Systems or Sub-systems', 'Creation of Spaceports for launching and receiving Spacecraft', and 'Manufacturing of components and systems or sub-systems for satellites Ground Segment and User Segment'.

Impact Analysis

Stakeholders

  • Consumers of space technology and data: May benefit from increased investment and innovation in the sector.

Suggested Action Items

  • Monitor further notifications and clarifications related to these rules.

Key Entities Referenced

Foreign Exchange Management Act, 1999: The principal legislation governing foreign exchange in India, under which these rules are framed. Foreign Exchange Management (Non-debt Instruments) Rules, 2019: The rules being amended by this notification, which regulate foreign investment in India. Department of Space: The government department responsible for issuing sectoral guidelines for space sector entities receiving foreign investment.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-16042024-253724 CG-DxLx-xEG-I1D6H0x4x2x0 24-253724 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 1637] नई दिल्ली, मगं लिार, अप्रलै 16, 2024/चत्रै 27, 1946 No. 1637] NEW DELHI, TUESDAY, APRIL 16, 2024/CHAITRA 27, 1946 जित्त मत्रं ालय (आर्थकि काय ि जिभाग) अधिसचू ना नई दिल् ली, 16 अप्रलै , 2024 का.आ. 1722(अ).— केंद्रीय सरकार, जििेिी मुद्रा प्रबंध अजधजनयम, 1999 (1999 का 42) की धारा 46 की उपधारा (2) के खंड (कक) और खंड (कख) द्वारा प्रित्त िजियों का प्रयोग करते हुए, जििेिी मुद्रा प्रबंध (गैर ऋण जलखत) जनयम, 2019 का और संिोधन करन े के जलए जनम्नजलजखत जनयम बनाती है, अथाित:् 1. (1) इन जनयमों का संजिप् त नाम जििेिी मुद्रा प्रबंध (गैर ऋण जलखत) (तीसरा संिोधन) जनयम, 2024 ह।ै (2) य े रािपत्र म ेंउनके प्रकािन की तारीख को प्रिृत् त होंग।े 2. जििेिी मुद्रा प्रबंध (गरै -ऋण जलखत) जनयम, 2019 म,ें अनुसूची I की, ताजलका के, क्रम संख्या 12 और उससे संबंजधत प्रजिजियों के स्ट्थान पर जनम्नजलजखत प्रजिजियां रखी िाएगं ी, अथाित्: 2582 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (1) (2) (3) (4) ‘12. अतं ररि ित्रे 12.1 (क) उपग्रह- जिजनमािण और प्रचालन 74% तक स्ट्िचाजलत। (ख) उपग्रह डाटा उत्पाि 100% (ग) मैिान खंड और उपभोिा खंड 74% से अजधक सरकारी माग ि 12.2 (क) प्रिेपण यान और संबंद्ध प्रणाजलयां या उप-प्रणाजलयां 49% तक स्ट्िचाजलत। (ख) अंतररि यान को प्रिेजपत करन े और अजभग्रहण के जलए 100% अंतररख पत्तन का जनमाणि 49% से अजधक सरकारी माग ि 12.3 उपग्रहों, मैिान खडं और उपभोिा खंड के जलए घटकों और 100% स्ट्िचाजलत प्रणाजलयों या उप-प्रणाजलयों का जिजनमािण 12.4 जिजनधान प्राप्तकताि इकाई अंतररि जिभाग द्वारा समय-समय पर िारी दकए गए िेत्रीय दििाजनिेिों के अधीन होगी। 12.5 पररभाषाएँ: (क) उपग्रह - जिजनमािण और प्रचालन: उपग्रह या पले ोड का िुरू स े अंत तक जिजनमािण और आपूर्त,ि उपग्रह प्रणाजलयों की स्ट्थापना जिसमें उपग्रह के इन-आर्बिट प्रचालन और पेलोड का जनयंत्रण भी िाजमल ह।ै (ख) उपग्रह डाटा उत्पाि: पृथ्िी प्रेिण या िरू संिेिी उपग्रह डाटा और डाटा उत्पािों सजहत एजप्लकेिन इंटरफेस (एपीआई) का अजभग्रहण, सृिन या प्रसार। (ग) मैिान खंड और उपभोिा खंड: (i) मैिान खंड: पृथ्िी प्रेिण डाटा अजभग्रहण स्ट्टेिन, गेटि,े टेलीपोटि, सैटेलाइट टेलीमेरी, रैककंग और कमांड (टीटीसी) स्ट्टेिन, सैटेलाइट कंरोल सेंटर (एससीसी) आदि सजहत उपग्रह संचारण या अजभग्रहण पृथ्िी स्ट्टेिनों की आपूर्ति। (ii) उपभोिा खंड: उपग्रह के साथ संचार करन े के जलए उपभोिा मैिान टर्मिनलों की आपूर्ति, िो मैिान खंड के अंतगित नहीं आते ह।ैं (घ) “प्रिेपण यान और संबद्ध प्रणाजलयां या उप-प्रणाजलयां”: एक यान और उसके चरण या घटक िो एक उप- किीय प्रिेपपथ या पृथ्िी की किा या बाहरी अंतररि में पले ोड या व्यजियों के साथ अतं ररि यान को प्रचाजलत करने या स्ट्थाजपत करन े के जलए जडज़ाइन दकए िाते ह।ैं (ङ) अंतररि यान को प्रिेजपत करन े और अजभग्रहण करने के जलए अंतररख पत्तन का जनमाणि : - एक अतं ररख पत्तन (जिसे प्रिेपण स्ट्थल के रूप म ें भी जनर्ििि ह)ै को िह आधार माना िा सकता ह ै िहां से अंतररि यान प्रिेजपत दकया िाता ह,ै और इसम ें बाहरी अंतररि स े और उसके माध्यम से पररिहन के जलए युजियों से िडु ी सुजिधाएं िाजमल होती ह।ैं (च) उपग्रहों के मैिान खंड और उपभोिा खंड के जलए घटकों और प्रणाजलयों या उपप्रणाजलयों का जिजनमािण:[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3 इसमें उपग्रहों, मैिान खंड और उपभोिा खडं के जलए जिद्युत, इलेक्ट्रॉजनक और यांजत्रक घटक प्रणाजलयों या उपप्रणाजलयों का जिजनमािण और आपूर्ति िाजमल ह।ै ’ [फा. सं. 1/5/ईएम/2019] सुरजभ िैन, संयक्ट्ु त सजचि रटप्पण: जििेिी मुद्रा प्रबंध (गरै -ऋण जलखत) जनयम, 2019, भारत के रािपत्र, असाधारण, भाग II, खंड 3, उप-खंड (ii) में संख्यांक का.आ.3732 (अ), तारीख 17 अक्ट्टूबर, 2019 के द्वारा प्रकाजित दकए गए थ े और तत्पश्चात् जनम्नजलजखत अजधसूचना संख्याकं ो के द्वारा संिोजधत दकए गए: - (i) का.आ. 4355 (अ), तारीख 5 दिसम्बर 2019; (ii) का.आ. 1278 (अ), तारीख 22 अप्रैल, 2020; (iii) का.आ. 1374 (अ), तारीख 27 अप्रैल, 2020; (iv) का.आ. 2442 (अ), तारीख 27 िलु ाई, 2020; (v) का.आ. 4441 (अ), तारीख 8 दिसम्बर, 2020; (vi) का.आ. 3206 (अ), तारीख 9 अगस्ट्त, 2021; (vii) का.आ. 3411 (अ), तारीख 19 अगस्ट्त, 2021; (viii) का.आ. 4091 (अ), तारीख 5 अक्ट्टूबर 2021; (ix) का.आ. 4242 (अ), तारीख 12 अक्ट्टूबर 2021; (x) का.आ. 1202 (अ), तारीख 12 अप्रैल 2022; और (xi) का.आ. 332(अ), तारीख 24 िनिरी 2024; और (xii) का.आ. 1361(अ), तारीख 14 माच ि 2024 । MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 16th April, 2024 S.O. 1722(E).— In exercise of the powers conferred by clauses (aa) and (ab) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby makes the following rules further to amend the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, namely:- 1. (1) These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, in Schedule I, in the Table, for serial number 12 and the entries relating thereto, the following shall be substituted, namely:- (1) (2) (3) (4) ‘12. Space Sector 12.1 (a) Satellites-Manufacturing and Operation Automatic up to 74%. (b) Satellite Data Products 100% (c) Ground Segment and User Segment Government route beyond 74% 12.2 (a) Launch Vehicles and associated systems or sub-systems Automatic up to 49%. (b) Creation of Spaceports for launching and receiving 100% Spacecraft Government route beyond 49%4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 12.3 Manufacturing of components and systems or sub-systems 100% Automatic for satellites, Ground Segment and User Segment 12.4 The investee entity shall be subject to sectoral guidelines as issued by the Department of Space from time to time. 12.5 Definitions: (a) “Satellites – Manufacturing and Operation”: End-to-end manufacturing and supply of satellite or payload, establishing the satellite systems including control of in-orbit operations of the satellite and payloads; (b) “Satellite Data Products”: Reception, generation or dissemination of earth observation or remote sensing satellite data and data products including Application Interfaces (API); (c) “Ground Segment” and “User Segment”: (i) “Ground Segment”: Supply of satellite transmit or receive earth stations including earth observation data receive station, gateway, teleports, satellite Telemetry, Tracking and Command (TTC) station, and Satellite Control Centre (SCC) etc.; (ii) “User Segment”: Supply of user ground terminals for communicating with the satellite, which are not covered under the ground segment; (d) “Launch Vehicles and Associated Systems or Sub-systems”: A vehicle and its stages or components that is designed to operate in or place spacecraft with payloads or persons, in a sub-orbital trajectory, or earth orbit or outer space; (e) “Creation of Spaceports for launching and receiving Spacecraft”: - A spaceport (also referred as launch site) may be regarded as the base from which spacecraft are launched, and consists of facilities involving devices for transportation to, from and via outer space; (f) “Manufacturing of components and systems or sub-systems for satellites Ground Segment and User Segment”: Comprises the manufacturing and supply of the electrical, electronic and mechanical components systems or sub-systems for satellites, Ground Segment and User Segment.’. [F. No. 1/5/EM/2019] SURBHI JAIN, Jt. Secy. Note: The Foreign Exchange Management (Non-debt Instruments) Rules, 2019 were published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii) vide number S.O.3732 (E), dated the 17th October, 2019 and subsequently amended vide notification numbers: (i) S.O. 4355 (E), dated the 5th December 2019; (ii) S.O. 1278 (E), dated the 22nd April, 2020; (iii) S.O. 1374 (E), dated the 27th April, 2020; (iv) S.O. 2442 (E), dated the 27th July, 2020; (v) S.O. 4441 (E), dated the 8th December, 2020; (vi) S.O. 3206 (E), dated the 9th August, 2021; (vii) S.O. 3411 (E), dated the 19th August, 2021; (viii) S.O. 4091 (E), dated the 5th October 2021; (ix) S.O. 4242 (E), dated the 12th October 2021; (x) S.O. 1202 (E), dated 12th April 2022; (xi) S.O. 332(E), dated 24th January 2024; and (xii) S.O. 1361(E), dated 14th March 2024. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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