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Revised Procedure for ODI Reporting

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Pursuant to circular dated 31 May 2012, the RBI has further simplified the procedure for reporting overseas direct investments (“ODI“) made by an Indian party. The following modifications have been made to the reporting procedure:

(a)        For investments permitted under the automatic route, the unique identification number (“UIN“), which was previously generated by the AD banks and communicated to the Indian party for the purpose of reporting the ODI, will now be confirmed to the Indian party by an auto-generated e-mail. This auto-generated e-mail will serve as a confirmation for allotment of UIN and no separate letter from RBI will be issued for confirming the UIN.

(b)        For subsequent remittances under the automatic route and any remittances under the approval route, which are required to be reported to the RBI by filing part II of the ODI form, are to be reported only after the auto-generated e-mail conveying the UIN is received by the Indian party.

Applications for seeking prior permission of the RBI for ODIs under the approval route will continue to be made in physical form.  The physical application is in addition to part I of the ODI form that is to be submitted online.

Thomas Philippe [thomas.philippe@pxvlaw.com]

Shivani Chugh [shivani.chugh@pxvlaw.com]

Alpa Sood [alpa.sood@pxvlaw.com]

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