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

We would like to appraise you that RBI has issued A.P. (DIR Series) Circular No.62 dated April 13, 2016 on Rationalization and Reporting of ODI Forms for Overseas Investments related transactions.

As stated in the aforesaid circular, at present, Indian party (IP) is required to submit ‘Form ODI – Part I’ (comprising six sections) for direct investments in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) under automatic route / approval route. Further, remittances and other forms of financial commitment undertaken by the IP are reported in Form ODI Part II. Annual Performance Report (APR) on the functioning of overseas JV / WOS in Form ODI Part III and details of disinvestment in Form ODI Part IV are currently required to be submitted to RBI through the designated Authorized Dealer Bank (AD bank).

In order to capture all data pertaining to the Indian party undertaking ODI as well as the related transactions, Form ODI Part II has been subsumed within Form ODI Part I. Thus the Form ODI will have five sections instead of six. Similarly APR and Disinvestment reporting’s have also been rationalized comprehensively.

The rationalized and revised Form ODI now comprises of the following parts:

Part I – Application for allotment of Unique Identification Number (UIN) and reporting of Remittances / Transactions

Section A – Details of the IP / RI.
Section B – Capital Structure and other details of JV/ WOS/ SDS.
Section C – Details of Transaction/ Remittance/ Financial Commitment of IP/ RI.
Section D – Declaration by the IP/ RI.
Section E – Certificate by the statutory auditors of the IP/ self-certification by RI.

Part II – Annual Performance Report (APR)

Part III – Report on Disinvestment.

We request you to take note of above and submit Revised ODI Forms in terms of aforesaid A.P. DIR. Circular while submitting your requests for ODI Transactions. We request you to refer to the aforesaid circular for details of the changes introduced. Please note that the aforesaid circular is effective from the date of issuance itself i.e. April 13, 2016