RBI/2009-10/36
A.P. (DIR Series) Circular No.36
February 24, 2010
To
All Category – I Authorised Dealer Banks
Madam / Sir,
Overseas Investment Application - 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. 68 dated June 1, 2007, revising the reporting
package on Overseas Direct Investment (ODI) by the Indian Parties. Further, it
was also mentioned in the circular that the ODI forms would be received on-line
by the Reserve Bank, in due course.
- Accordingly, it has been decided to operationalise the on-line reporting
system in a phased manner, with effect from March 2, 2010, to simplify the
existing reporting framework. The new system would enable on-line generation of
the Unique Identification Number (UIN), acknowledgment of remittance/s and
filing of the Annual Performance Reports (APRs) and easy accessibility to data
at the AD level for reference purposes.
- As per the plan, initially, Part I (Sections A to D), II and III of form ODI
should be filed on-line in the Overseas Investment Application for allotment of
UIN, reporting of subsequent remittances, filing of APRs, etc. AD Category –I
banks would continue to receive the ODI forms in physical form, as stipulated in
the A. P. (DIR Series) Circular No. 68 dated June 1, 2007, which should be
preserved, UIN wise, for onward submission to the Reserve Bank, if specifically
required. Transactions in respect of Mutual Funds, Portfolio Investment Scheme
(PIS) and Employees Stock Options Scheme (ESOPS) are also required to be
reported on-line in the Overseas Investment Application.
- The on-line reporting would be required to be made by the Centralized
Unit/Nodal Office of AD Category - I banks. The Overseas Investment Application
would be hosted on the Reserve Bank's Secured Internet Website (SIW) https://secweb.rbi.org.in
and a link would be made available for accessing the Application on the main
page of the website. AD Category – I banks would be responsible for the validity
of the information reported on-line. The detailed operational guidelines for
accessing the Overseas Investment Application are being communicated to the AD
Category - I banks separately.
- The application for overseas investment under the approval route would
continue to be submitted to the Reserve Bank in physical form as hitherto, in
addition to the on-line reporting of Part I as contemplated above, for approval
purposes. Further, the transactions relating to closure / disinvestment/ winding
up/ voluntary liquidation of the overseas Joint Ventures/Wholly Owned
Subsidiaries (JVs / WOSs) under the automatic and approval routes (Part IV of
form ODI) would continue to be submitted to the Reserve Bank in physical form as
is being done at present.
- As per the new reporting system, AD Category – I banks would be able generate
the UIN on-line under the automatic route. However, subsequent remittances under
the automatic route and remittances under the approval route should be made and
reported on-line in Part II, only after receipt of the letter, confirming the
UIN from the Reserve Bank.
- 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 is
without prejudice to permissions / approvals, if any, required under any other
law.
Yours faithfully,
(Salim Gangadharan)
Chief General Manager-in-Charge