What changed
Earlier, AD banks had to submit Form ORA to RBI Regional Offices on a half-yearly basis. Now, RBI has discontinued this forwarding requirement entirely, effective from September 20, 2013.
What it means for you
This reduces compliance burden for AD banks by eliminating a recurring reporting obligation. However, banks must continue to keep detailed internal records of all approvals granted for opening overseas offices, ensuring audit readiness.
What you must do
- Stop submitting Form ORA to RBI Regional Offices immediately.
- Maintain internal records of all approvals for overseas trading/non-trading offices, branches, or representative offices.
- Ensure these records are complete and accessible for any future regulatory inspection or audit.
Who it affects
All Category-I Authorised Dealer Banks
Do we still need to file Form ORA with RBI?
No, the requirement to forward Form ORA to RBI Regional Offices has been discontinued. You only need to keep the particulars at your end.
What records must we maintain internally?
You must maintain details of approvals granted for opening Trading Office, Non-Trading Office, Branch Office, or Representative Office abroad.
Does this circular affect any other permissions under other laws?
No, this circular is issued under FEMA sections 10(4) and 11(1) and does not affect permissions or approvals required under any other law.