Supreme Court: Police May Freeze Bank Accounts under S.102 CrPC in Prevention of Corruption Cases  ||  SC: Arbitrator’s Mandate Ends on Time Expiry; Substituted Arbitrator Must Continue After Extension  ||  SC: Woman May Move Her Department’s ICC For Harassment by Employee of Another Workplace  ||  SC: Women’s Representation Requirement Applies to All Bar Associations in Gujarat  ||  SC: Contempt Power isn’t Judges’ Personal Shield nor a Tool to Silence Legitimate Criticism  ||  SC: Statutory Corporation Can Deduct under S.36(1)(viii) Only for Income from Long-Term Finance  ||  NCLT Kolkata: Costs for Compromise or Arrangement Scheme not Part of Liquidation Expenses  ||  NCLT Ahmedabad: Complaints Against Auditors or Company Secretaries Not Grounds for Company Probe  ||  SC: NCLT Can Forfeit Entire Deposit if Purchaser Defaults on Payment for Liquidation Assets  ||  Meghalaya HC: Non-Signatory or Non-Existent LLP Cannot Claim Arbitration via Group of Companies    

Overseas Direct Investment – Annual Performance Report- (Reserve Bank of India) (13 Apr 2016)

MANU/APDR/0024/2016

Banking

The Reserve Bank of India has moved to combat a trend of Indians investing directly in overseas ventures failing to submit the Annual Performance Report for such investments. To the consternation of the RBI, Indian investors were either delaying submitting the APR or foregoing it altogether; Authorised Dealer banks facilitated their remittances and financial commitments despite absence of the APR.

Accordingly, RBI has modified the online OID form to enable the nodal office of the AD bank viewing the outstanding position of APR; the same will have to ensure full compliance with APRs before it can undertake any transaction for its customer. APRs to be submitted by Indians are not strictly required to be certified by the Statutory Auditor or chartered accountant, instead self-certification is acceptable.

RBI also revised Form ODI, with Form ODI II being subsumed within ODI Part I. Other changes include a new reporting format for Funds and other overseas investments.

Relevant : Overseas Direct Investment – Rationalisation and reporting of Forms MANU/APDR/0026/2016 Liberalised Remittance Scheme for Resident Individual MANU/APDR/0109/2013 Overseas Direct Investments by Indian Party – Rationalisation MANU/APDR/0174/2012

Tags : OVERSEAS INVESTMENT   ANNUAL REPORT   COMPLIANCE  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved