RBI revises reporting system for overseas direct investment
With a view to improve the coverage and to ensure proper monitoring of foreign investment by Indian residents, the Reserve Bank of India on Friday prescribed a single form.
By PTI |
MUMBAI: With a view to improve the coverage and to ensure proper monitoring of foreign investment by Indian residents, the Reserve Bank of India on Friday prescribed a single form.
Currently six different forms are used to give details of the overseas investments.
"As per the new reporting package, all the forms have been subsumed into one form viz. ODI (Overseas Direct Investment form), comprising of four parts," RBI said in a circular issued here on Friday.
The new form includes reporting of remittances, annual performance report and report on the closure/disinvestment/voluntary liquidation/winding up of joint venture, the circular said adding the revised form is only a rationalisation of the reporting procedure and there is no change or dilution in the existing eligibility criteria.
The new reporting format, which has been revised pursuant to the proposal in the annual credit policy, would ensure a comprehensive coverage on the cost of acquisition overseas and the methods of financing and simplified annual performance report, it said.
The new form has dispensed with the submission of financial statements and has included a new format to capture disinvestments, liquidation etc
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