What changed
RBI replaced multiple forms (ODA, ODI, ODB, ODR, ODG, APR) with a single 'ODI' form comprising four parts: Part I (investment details), Part II (remittance reporting), Part III (annual performance report), and Part IV (closure/disinvestment). A new reporting mechanism for closure/disinvestment under general permission was introduced. The revised form takes effect from June 1, 2007.
What it means for you
Banks must adopt the new ODI form for all overseas direct investment reporting, streamlining processes and reducing paperwork. The rationalisation does not alter eligibility criteria or investment limits, but improves data capture on costs, funding, and performance. Banks need to update internal systems and train staff on the new form structure.
What you must do
- Replace all existing forms (ODA, ODI, ODB, ODR, ODG, APR) with the new ODI form for reporting from June 1, 2007.
- Ensure submissions for automatic route include Parts I and II; for approval route, submit Part I with recommendations, then Part II after remittance.
- Use Part IV of ODI for reporting disinvestment/closure under automatic route; for other cases, follow existing application procedure.
- Download the revised ODI form and instructions from RBI's website and distribute to relevant departments.
Who it affects
All Category-I Authorised Dealer Banks, Indian corporates making overseas direct investments, RBI's Foreign Exchange Department
What is the effective date for the new ODI form?
The revised ODI form comes into effect from June 1, 2007, as per the circular.
Does the new form change any eligibility criteria or investment limits?
No, the circular explicitly states there is no change or dilution in existing eligibility criteria, documentation, or limits.
How should banks handle disinvestment reporting under the new system?
For disinvestment under automatic route, submit Part IV of ODI. For other cases, continue with the existing application procedure to RBI.