The Reserve Bank of India on August 21st, 2012 has issued a circular by revising the ODI forms for Indian entities making in investments in aboard.
An Indian party is required to submit to the Reserve bank of India(Regional office where company registered office is situate) through the Authorised Dealer every year within 60 days from date of expiry of the statutory period of audited accounts of the Joint venture (JV) / Wholly Owned Subsidiary (WOS) outside India, an Annual peromance report (APR) in Form ODI Part III in respect of each JV or WOS set up or acquired by the Indian party.
Further, an Indian party is allowed to undertake overseas direct investments under general permission route (Automatic Route) subject to compliance to the Regulation 6 or Regulation 7 of the notification. as per Regulation 6(2) (iv) requires that the India party has to submit the APR in respect of all its overseas investments in the format given in part III of the Form ODI.
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
a) In Section 'E' after item (c), item (d) wherever applicable, the Annual permanence Report (APR), as required in terms of Regulations 15 iii of the notification no.FEMA 120/ RB-2004 dated July, 2004 , as amended from time to time in respect of all the existing JV or WOS of the Indian party has submitted.
b) 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 or WOS of the Indian party has been submitted."
THE REVISED ODI FORMS ARE IN THE BELOW RBI CIRCULAR:
RBI/2012-13/171 A.P(DIR Series) circular No.15
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