- Overseas Direct Investments – Rationalisation of Form ODI: RBI Vide RBI/2012-13/171 A. P. (DIR Series) Circular No.15 informed that in terms of Regulation 15(iii) of the Notification ibid, an Indian Party is required to submit to the Reserve Bank through the Authorised Dealer every year within 60 days from the date of expiry of the statutory period as specified by the respective laws of the host country for finalization of the audited accounts of the Joint Venture (JV) /Wholly Owned Subsidiary (WOS) outside India or such further period as may be allowed by the Reserve Bank, an Annual Performance Report (APR) in Form ODI Part III in respect of each JV or WOS outside India set up or acquired by the Indian Party. Further, an Indian party is allowed to undertake overseas direct investments under the General Permission (Automatic Route) subject to compliance to the provisions under Regulation 6 (and Regulation 7, if applicable) of the Notification. Regulation 6(2)(iv) of the Notification requires that the Indian Party has submitted the APR in respect of all its overseas investments in the format given in Part III of the Form ODI.In view of the above, RBI has decided to add the following items in Section ‘E’ and ‘F’ of Form ODI Part I, to be submitted by every Indian party in terms of Regulation 6(2)(vi) of the Notification, while undertaking ODI transactions:
- In Section ‘E’, after item (c), item “(d) Wherever applicable, the Annual Performance Report, as required in terms of Regulation 15(iii) of the Notification No. FEMA 120 / RB – 2004 dated July 07, 2004, as amended from time to time, in respect of all the existing JV / WOS of the Indian party has been submitted.”
- In Section ‘F’, after item (v), a clause “Further, certified that, wherever applicable, the Annual Performance Report, as required in terms of Regulation 15(iii) of the Notification ibid,in respect of all the existing JV / WOS of the Indian party has been submitted.”
- Non Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) – Directions –Modifications: RBI Vide notification RBI/2012-13/161 DNBS (PD) CC. No. 300 03.10.038/2012-13 dated 03rd August, 2012 informed that it has been decided to make certain modifications in the Directions RBI(PD)CC.250 dated December 02, 2011 , issued. The modifications made in the subheads detailed in the notification
Menu
Hyderabad
Chennai
Mumbai
Gurgaon
Chennai
Mumbai
Gurgaon
WHO WE ARE
KNOWLEDGE CENTRE
Subscribe Now
Don’t miss our future updates! Get Subscribed Today!