官方消息：内阁修订《2020 年第 3 号新闻通稿》—— 印度修订陆地接壤国家外国直接投资（FDI）指引
The Union Cabinet has officially approved amendments to the guidelines governing foreign direct investment from countries sharing a land border with India. Here is a precise breakdown of what has changed.
印度联邦内阁已正式批准对与印度共享陆地边界国家的外国直接投资（FDI）相关指引进行修订，以下为本次政策调整的核心变化详解。
A. The three substantive changes
一、三项实质性修订
1. The 10% automatic route threshold
1. 自动审批通道 10% 持股门槛
Investors from land-border countries, i.e., China, with a non-controlling beneficial ownership of up to 10% may now invest in India through the automatic route, subject to applicable sectoral caps. Prior government approval is not required up to this threshold.来自与印度陆地接壤国家（例如中国）的投资者，如其最终受益所有权比例不超过 10% 且不构成标的企业控制权，在符合相关行业外资持股上限规定的前提下，现可通过自动审批通道在印度开展投资。持股比例在此门槛内的，无需事先取得政府审批。
This is a meaningful departure from Press Note 3 (2020), which required all investments from these countries regardless of size to go through the government approval route.
本次修订与《2020 年第 3 号新闻通稿》（Press Note 3）原有规则形成重大调整 —— 原政策要求，来自上述国家的所有投资，无论规模大小，均须走政府审批流程。
2. Clearer definition of “beneficial owner”
2. 明确 “最终受益所有人” 法定定义
The definition of beneficial owner, which has been a persistent source of ambiguity since 2020, is now formally aligned with the framework under the Prevention of Money Laundering Rules, 2005.
自 2020 年以来，“最终受益所有人” 的定义始终存在界定模糊的问题，本次修订正式将其与《2005 年防止洗钱规则》的监管框架保持统一。
This gives investors, their advisors, and regulators a clearer, legally grounded standard to apply when assessing whether a transaction triggers land-border country requirements.这一调整为投资者、其顾问机构及监管部门，在评估某项交易是否触发陆地接壤国家相关监管要求时，提供了更清晰、具备法律依据的适用标准。
3. 60-day processing for strategic sectors
3. 战略行业 60 天审批办结时限
Investment proposals from land-border countries in the following sectors will now be decided within 60 days.
来自陆地接壤国家的投资申请，如涉及以下行业，将在 60 天内完成审批决策。
Capital goods manufacturing资本品制造业
Electronic capital goods电子资本品
Electronic components电子元器件
Polysilicon多晶硅
Ingot-wafer production硅锭 – 晶圆生产
These sectors reflect India’s supply chain priorities where attracting foreign capital is a stated policy objective.上述行业均为印度供应链布局的优先领域，吸引外资进入这些行业是印度政府明确公示的政策目标。
B. What has not changed
二、未发生调整的核心规则
The requirement that majority shareholding and control of the investee entity must remain with resident Indian citizens or Indian entities controlled by them is expressly preserved.
被投资主体的多数股权与控制权必须由印度常住公民或其控制的印度主体持有，该项要求在本次修订中被明确保留。
Investments above the 10% threshold from land-border countries continue to require government approval.
来自陆地接壤国家、持股比例超过 10% 门槛的投资，仍需取得政府审批。
The fast-track 60-day timeline applies specifically to the identified strategic sectors, which shall help companies integrate with global supply chains.
60 天快速审批时限仅适用于上述列明的战略行业，该机制将助力相关企业融入全球供应链体系。
Brief Profile of Mrs. Divya Hazra
迪维亚・哈兹拉女士简介
Divya Hazra is an international corporate lawyer with over 10 years of experience, currently based between Mumbai and Shanghai.
迪维亚・哈兹拉是一名国际公司法律师，拥有超过 10 年执业经验，目前常驻印度孟买与中国上海两地。
Having worked across three jurisdictions—India, the United States, and China—she specializes in advising large and medium-sized corporations and private equity funds on complex cross-border mergers and acquisitions.
她的执业覆盖印度、美国、中国三大法域，专注于为大中型企业及私募股权基金就复杂跨境并购交易提供法律咨询服务。
She has significant expertise in structuring and executing transactions under India’s Press Note 3 (PN3) regime, including sensitive cross-border investments and joint ventures involving Chinese parties.
她在印度《第 3 号新闻通稿》（Press Note 3 / PN3）监管体系下的交易架构设计与落地执行方面拥有丰富专业经验，包括涉及中方主体的敏感跨境投资与合资交易。
Divya regularly advises Indian Fortune 500 companies on their M&A transactions in China, as well as Indian listed companies in the automotive sector on licensing Chinese technology and forming strategic joint ventures.
迪维亚常年为印度《财富》世界 500 强企业的在华并购交易提供法律服务，同时为印度汽车行业上市公司就中国技术许可引进、设立战略合资企业等事项提供法律咨询。
In addition, she advises European and U.S. clients on M&A and joint ventures in India, helping them navigate India’s regulatory and commercial landscape.
此外，她还为欧美客户在印度的并购与合资交易提供法律服务，协助其应对印度复杂的监管与商业环境。
Divya holds an LL.B. from Government Law College, Mumbai and an LL.M. from Columbia Law School, New York.
迪维亚拥有孟买政府法学院法学学士学位（LL.B.），以及纽约哥伦比亚大学法学院法学硕士学位（LL.M.）。
She is admitted to practice law in India and New York, and combines her multi-jurisdictional legal training with on-the-ground experience in China to guide clients through regulatory, commercial, and cultural complexities in cross-border deals.
她同时持有印度与美国纽约州的律师执业资格，凭借跨法域的法律专业积累与在中国的本土实务经验，助力客户妥善应对跨境交易中监管、商业与文化层面的各类复杂问题。
Divya Hazra迪维亚・哈兹拉
Partner (India Desk)合伙人（印度业务负责人）
Shanghai, China中国・上海
+86 13917124634+86 13917124634
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