The Reserve Bank of India (RBI) has replaced six existing forms for different kinds of overseas investments by corporates and individuals, with a single application-cum-reporting form for all types of investments and remittances."As per the new reporting package, all the forms have been subsumed into one form viz Overseas Direct Investment (ODI), comprising four parts," RBI said in a recent guideline.The decision to have a single form would make it easier for the Indian corporates to file requisite investment information about their overseas ventures and ensure monitoring of foreign investment in a "dynamic environment".The central bank also proposes to introduce online submission of the ODI forms "once the system stabilises and the accuracy and timeliness of submission improves".The central bank has rationalised the ODI reporting form to keep pace with the liberalisation in the policy on overseas investments that has enabled many Indian corporates to establish presence in overseas markets, the guideline said.At present, application for overseas direct investment is required to be made in any one of the three forms viz ODA for direct investments in joint venture /wholly owned subsidiary under automatic route, ODI for investments under approval route and ODB for issue of ADRs/GDRs on back to back basis.
