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October 2012

A. P. (DIR Series) Circular No. 29 dated 12th September, 2012

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Overseas Direct Investments by Indian Party – Rationalisation

 This circular has amended the guidelines relating to submission of Annual Performance Report (APR) as under: –

An Indian party, which has set up/acquired a Joint Venture (JV) or Wholly Owned Subsidiary (WOS) overseas, will have to submit to its designated Bank every year, an Annual Performance Report (APR) in Form ODI Part III in respect of each JV or WOS outside India and other reports or documents as may be specified by the Reserve Bank from time to time, on or before the 30th of June each year.

The APR so required to be submitted, has to be based on the latest audited annual accounts/unaudited accounts, as the case maybe, of the JV/WOS, unless specifically exempted by the Reserve Bank.

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