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TMI BlogOverseas Direct Investment (ODI) – Rationalization and reporting of ODI FormsX X X X Extracts X X X X X X X X Extracts X X X X ..... 07 and A. P. (DIR Series) Circular No. 15 dated August 21, 2012 on rationalisation of ODI Forms and instructions issued vide A. P. (DIR Series) Circular No. 24 dated August 14, 2013 wherein Resident Individuals (RI) were allowed to set up overseas JV/WOS within the Liberalised Remittance Scheme (LRS) limit. Attention of AD Category I banks is also invited to A.P. (DIR Series) 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ification by RI. Part II - Annual Performance Report (APR) Part III Report on Disinvestment by way of Closure / Voluntary Liquidation / Winding up/ Merger/ Amalgamation 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 case of reporting purchase and repurchase of ESOPs, the AD b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. 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 now been introduced in the online application process. The AD Maker shall initiate the transaction and submit to the AD Checker for verification of the transaction before submission to Reserve Bank. The AD Authorizer shall have the authority to ratify these ODI transact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the guidelines / instructions and initiate penal action as considered necessary. 18. AD Category I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 19. Master Direction No. 15/2015-16 dated January 1, 2016 and Master Direction No. 18/ 2015-16 dated January 1, 2016 are being updated to reflect the changes. 20. The directions contained in this circular have been issued under sections 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, (A. K. Pandey) Chief General Manager - Circular - Trade Notice - Public Notice - Instru ..... X X X X Extracts X X X X X X X X Extracts X X X X
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