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September 2012

A. P. (DIR Series) Circular No. 131 dated 31st May, 2012

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Overseas Direct Investments by Indian Party – Online Reporting of Overseas Direct Investment in Form ODI.

Presently, although banks can generate the UIN online for overseas investments under the Automatic Route, reporting of subsequent remittances for overseas investments under the Automatic Route as well as the Approval Route, could be done online in Part II of Form ODI only after receipt of the letter from RBI confirming the UIN.

This circular states that, in the case of overseas investments under the Automatic Route, UIN will be communicated through an auto generated e-mail sent to the email-id made available by the Authorized Dealer/Indian Party. This auto generated e-mail giving the details of UIN allotted to the JV/WOS will be treated as confirmation of allotment of UIN, and no separate letter will be issued with effect from 1st June, 2012 by RBI either to the Indian party or to the Authorized Dealer. Subsequent remittances are to be reported online in Part II of form ODI, only after receipt of the e-mail communication/ confirmation conveying the UIN.

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