Overseas Direct Investment (ODI) – Rationalization and reporting of ODI Forms
This
circular contains the changes made to information that needs to be
submitted with respect to Overseas Investment. Form ODI with respect to
Overseas Direct Investment. The new Form ODI is given in Annex 1 to this
circular.
1. The revised Form ODI will contain the following: –
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 by way of
a) Closure / Voluntary Liquidation / Winding up/ Merger/ Amalgamation of overseas JV / WOS;
b) Sale/ Transfer of the shares of the overseas JV/ WOS to another eligible resident or non-resident;
c)
Closure / Voluntary Liquidation / Winding up/ Merger/ Amalgamation of
IP; and d) Buy back of shares by the overseas JV/ WOS of the IP / RI.
2.
New reporting formats, Annex II and Annex III, have been introduced for
Venture Capital Fund (VCF) / Alternate Investment Fund (AIF), Portfolio
Investment and overseas investment by Mutual Funds.
3. Post investment changes, subsequent to the allotment of UIN, are to be reported in Form ODI Part I.
4.
Form ODI Part I must be obtained bank before executing any ODI
transaction and the bank must report the relevant Form ODI in the online
OID application and obtain UIN at the time of executing the remittance.
5. A RI undertaking ODI can self-certify Form ODI Part I and
certification by Statutory Auditor or Chartered Accountant must not be
insisted upon.
6. A concept of AD Maker, AD Checker and AD Authorizer has been introduced in the online application process.
7.
Any non-compliance with the guidelines / instructions will be viewed
seriously penal action as considered necessary may be initiated.
