Overseas Direct Investments: APR Submission Rationalised
No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2012-13/203 · issued 12 Sep 2012 · ~2 min read
Quick answerRBI has rationalised APR submission for overseas JVs/WOSs. Indian parties must now submit Form ODI Part III annually by June 30, based on audited accounts. Exemption for un-audited accounts under earlier circular continues.
What changed
RBI amended the guidelines for submitting Annual Performance Report (APR) for overseas Joint Ventures (JV) and Wholly Owned Subsidiaries (WOS). The APR must now be submitted in Form ODI Part III by June 30 each year, based on the latest audited annual accounts. The earlier exemption allowing submission based on un-audited accounts, subject to conditions in A.P. (DIR Series) Circular No. 96 dated March 28, 2012, remains in force.
What it means for you
Banks must ensure their corporate clients submit APRs for each overseas JV/WOS by the June 30 deadline using audited accounts. This standardises reporting and reduces discretion. The continued exemption for un-audited accounts provides some flexibility, but banks need to verify compliance with the conditions of the earlier circular.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Notify all corporate customers with overseas JVs/WOSs about the June 30 APR deadline using Form ODI Part III.
Ensure APRs are based on audited accounts unless the client qualifies for the un-audited accounts exemption under Circular No. 96.
Update internal compliance checklists to include this revised APR submission requirement.
Advise clients to maintain audited accounts of overseas entities ready well before the deadline.
Who it affects
AD Category-I banks, Indian parties with overseas JVs or WOSs, Compliance departments handling FEMA reporting
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-18 18:03 IST
Status change: withdrawn03 Aug 2026, 04:00 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
What is the new deadline for APR submission?
The APR must be submitted by June 30 each year, in Form ODI Part III, for each overseas JV or WOS.
Can we still submit APR based on un-audited accounts?
Yes, the exemption granted under A.P. (DIR Series) Circular No. 96 dated March 28, 2012, continues to apply, subject to its terms and conditions.
Which form should be used for the APR?
The APR must be submitted in Form ODI Part III, as specified in the circular.
📜 Read the original circular — full text as issued by RBI
RBI/2012-13/203
A.P. (DIR Series) Circular No. 29
September 12, 2012
To,
All Category - I Authorised Dealer Banks
Madam / Sir,
Overseas Direct Investments by Indian Party – Rationalisation
Attention of the Authorised Dealer (AD - Category I) banks is invited to the Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004] (the Notification), as amended from time to time. It has been decided to amend the guidelines relating to submission of Annual Performance Report (APR) as under:
2. An Indian party, which has set up / acquired a Joint Venture (JV) or Wholly Owned Subsidiary (WOS) overseas in terms of the Regulations of the Notification ibid , shall submit, to the designated Authorised Dealer every year, an Annual Performance Report (APR) in Form ODI Part III in respect of each JV or WOS outside India and other reports or documents as may be specified by the Reserve Bank from time to time, on or before the 30th of June each year. The APR, so required to be submitted, has to be based on the latest audited annual accounts of the JV / WOS, unless specifically exempted by the Reserve Bank.
3. The exemption granted for submission of APR based on the un-audited accounts of the JV / WOS subject to the terms and conditions as specified in the A.P (DIR Series) Circular No. 96 dated March 28, 2012 shall continue.
4. Necessary amendments to the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 are being issued separately.
5. AD - Category I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
6. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(Dr. Sujatha Elizabeth Prasad)
Chief General Manager-In-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2012-13/203 · issued 12 Sep 2012. The plain-English explanation above is BankPulse’s own independent summary.
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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7560&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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