RESERVE BANK OF INDIA
May 31, 2012
A.P. (DIR Series) Circular No.131
To
All Category-I Authorised Dealer Banks
Madam / Sir,
Overseas Direct Investments by Indian Party-Online Reporting of Overseas
Direct Investment in Form ODI
Attention of Authorised Dealer Category - I (AD Category - I) banks is
invited to A.P. (DIR Series) Circular No. 36 dated February 24, 2010, wherein
ADs were advised about the operationalisation of the online reporting system of
overseas direct investments (ODI) with effect from March 2, 2010. The system,
inter alia enables online generation of the Unique Identification Number (UIN).
- Under the online reporting system, AD Category – I banks could generate
the UIN online under the automatic route. However, reporting of subsequent
remittances under the automatic route as well as the approval route was to be
done online in Part II of form ODI, only after receipt of the letter from the
Reserve Bank confirming the UIN.
- It has now been decided to communicate the UIN in respect of cases under the
Automatic Route to the ADs/Indian Party through an auto generated e-mail to the
email-id made available by the AD/Indian Party. Accordingly, with effect from
June 01, 2012 (Friday), the auto generated e-mail, giving the details of UIN
allotted to the JV / WOS under the automatic route, shall be treated as
confirmation of allotment of UIN, and no separate letter shall be issued by the
Reserve Bank to the Indian party and AD Category - I bank confirming the
allotment of UIN.
- It may also be noted that the subsequent remittances under the automatic
route and remittances under the approval route are to be reported online in Part
II of form ODI, only after receipt of the e-mail communication/confirmation
conveying the UIN.
- The applications in form ODI for overseas direct investment under the approval
route would continue to be submitted to the Reserve Bank in physical form as
hitherto, in addition to the online reporting of Part I of the Form as
contemplated in A.P. (DIR Series) Circular No. 36 dated February 24, 2010.
- AD Category - I banks may bring the contents of this circular to the notice
of their constituents and customers concerned.
- The directions contained in this Circular have been issued under Section 10
(4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are
without prejudice to permissions / approvals, if any, required under any other
law.
Yours faithfully,
(Dr. Sujatha Elizabeth Prasad)
Chief General Manager-in-Charge
RBI/2011-2012/585