RBI has decided to operationalise the on-line reporting system for Overseas Direct Investment (ODI) by Indian parties in a phased manner, with effect from March 2, 2010,
The new system would enable on-line generation of the Unique Identification Number (UIN); acknowledgment of remittances; filing of Annual Performance Reports (APRs) and easy accessibility to data at the AD level for reference purposes. Transactions in respect of Mutual Funds, Portfolio Investment Scheme (PIS) and Employees Stock Options Scheme (ESOPS) are also required to be reported on-line in the Overseas Investment Application.
However,
Ø Application for overseas investment under the approval route would continue to be submitted to the RBI in physical form as before, in addition to the on-line reporting of Part I of form ODI, for approval purposes.
Ø Transactions relating to closure / disinvestment/ winding up/ voluntary liquidation of overseas Joint Ventures/Wholly Owned Subsidiaries (JV/WOS) under the automatic and approval routes (Part IV of form ODI) would continue to be submitted to the Reserve Bank in physical form as before.
No comments:
Post a Comment