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Overseas Direct Investment (ODI) Rationalization and reporting of ODI Forms

FEMA - 62 - Dated:- 13-4-2016 - RBI//2015-16/374 A.P. (DIR Series) Circular No.62 April 13, 2016 To All Category-I Authorised Dealer Banks Madam / Sir, Overseas Direct Investment (ODI) - Rationalization and reporting of ODI Forms Attention of the Authorised Dealer (AD - Category I) banks is invited to the Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004] (the Notification), as amended from .....

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Circular No. 36 dated February 24, 2010, A.P. (DIR Series) Circular No.131 dated May 31, 2012 on the operationalization of the online reporting system of ODI, Para B.7 and Part II of FED Master Direction No. 15/2015-16 dated January 1, 2016 and Part VIII of FED Master Direction No. 18/2015-16 dated January 1, 2016. 2. At present, application for ODI is required to be made in Form ODI - Part I (comprising six sections) for direct investments in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) .....

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g ODI, the Form ODI Part II and Part IV are to be submitted by the AD bank on behalf of the applicant. In order to capture all data pertaining to the IP undertaking ODI as well as the related transaction, it has been decided to subsume Form ODI Part II within Form ODI Part I. Thus the Form ODI will have five sections instead of six. 3. The rationalised and revised Form ODI (Annex I) will now comprise the following parts: Part I - Application for allotment of Unique Identification Number (UIN) an .....

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ion of overseas JV / WOS; Sale/ Transfer of the shares of the overseas JV/ WOS to another eligible resident or non-resident; Closure / Voluntary Liquidation / Winding up/ Merger/ Amalgamation of IP; and Buy back of shares by the overseas JV/ WOS of the IP / RI. 4. Further, a new reporting format has also been introduced for Venture Capital Fund (VCF) / Alternate Investment Fund (AIF), Portfolio Investment and overseas investment by Mutual Funds as per the format in Annex II and Annex III. In cas .....

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id. Further, the AD bank should report the relevant Form ODI in the online OID application and obtain UIN while executing the remittance. 7. In case of RI undertaking ODI, certification of Form ODI Part I by statutory auditor or chartered accountant need not be insisted upon. Self-certification by the RI concerned may be accepted. 8. The revised ODI forms and instructions for filling up the forms will come into effect immediately. 9. Reserve Bank reserves the right to place the information recei .....

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Reporting of Form ODI 12. Online OID application has been revamped to further reduce the traditional paper based filing system, to provide the AD banks fast and easy accessibility to data for reference purpose, to improve the coverage and ensure proper monitoring of the flows in a dynamic environment. Accordingly, modules in online OID application have been added, wherein all the ODI forms as mentioned in this circular may be reported. 13. A concept of AD Maker, AD Checker and AD Authorizer has .....

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