What changed
RBI operationalises online reporting for Overseas Direct Investment (ODI) in phases from March 2, 2010, replacing the earlier all-physical system. Part I (Sections A-D), II, and III of Form ODI must now be filed online for automatic route UIN generation, remittance reporting, and Annual Performance Reports. Physical forms remain mandatory for approval route applications and closure/disinvestment/winding-up transactions.
What it means for you
Banks must shift to online filing for most ODI transactions, reducing paperwork and enabling real-time UIN generation and data access. The centralised unit/nodal office of each AD Category-I bank is responsible for online submissions, while physical forms are still needed for approval route and closure cases. This streamlines compliance but requires banks to ensure data validity and maintain physical records for RBI if demanded.
What you must do
- Train centralised unit/nodal office staff on accessing and using RBI's Secured Internet Website (https://secweb.rbi.org.in) for online ODI filing from March 2, 2010.
- File Parts I-III of Form ODI online for automatic route UIN generation, remittance reporting, and APRs; retain physical copies UIN-wise for potential RBI submission.
- Continue submitting physical forms for approval route applications and closure/disinvestment/winding-up transactions (Part IV) as before.
- Ensure online reporting of Mutual Fund, Portfolio Investment Scheme (PIS), and Employee Stock Options Scheme (ESOPS) transactions via the Overseas Investment Application.
- Verify data validity before online submission; await UIN confirmation letter from RBI before reporting subsequent remittances under automatic or approval routes.
Who it affects
AD Category-I banks, Centralised units/nodal offices of AD banks, Indian parties making overseas direct investments, Customers and constituents of AD banks involved in ODI
What transactions must still be reported in physical form?
Applications under the approval route and transactions related to closure, disinvestment, winding up, or voluntary liquidation of overseas JVs/WOSs (Part IV of Form ODI) must continue to be submitted physically to RBI, in addition to online filing of Part I.
When can we report subsequent remittances online?
Subsequent remittances under the automatic route and remittances under the approval route should be made and reported online in Part II only after receiving the UIN confirmation letter from RBI.
Who is responsible for online reporting within the bank?
The centralised unit or nodal office of each AD Category-I bank is responsible for filing online reports. Banks must ensure the validity of all information reported.