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TMI BlogOverseas Direct Investment - Submission of Annual Performance ReportX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 time to time. Attention of AD Category I banks is also invited to A. P. (DIR Series) Circular No. 68 dated June 01, 2007 on Rationalisation of Forms, A. P. (DIR Series) Circu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne every year in respect of each Joint Venture (JV) / Wholly Owned Subsidiary (WOS) outside India set up or acquired by the IP / RI (as prescribed under Regulation 15 of FEMA Notification, ibid). 3. It has been observed that: i. IP / RI are either not regular in submitting the APR or are submitting it with delay. This is not in line with Regulation 15 of the Notification, ibid. ii. Remit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, the AD bank, before undertaking / facilitating any ODI related transaction on behalf of the eligible applicant, should necessarily check with its nodal office to confirm that all APRs in respect of all the JV / WOS of the applicant have been submitted; b. Certification of APRs by the Statutory Auditor or Chartered Accountant need not be insisted upon in the case of Resident Individuals. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by 31st of December each year or as may be specified by the Reserve Bank from time to time. The APR, so required to be submitted, shall be based on the latest audited annual accounts of the JV / WOS unless specifically exempted by the Reserve Bank. 5. AD banks may issue necessary instructions to all the dealing officials at the bank / branch level and put in place proper processes and systems t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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