RBI/2022-2023/110

A.P. (DIR Series) Circular No.12 August 22, 2022

All Category – I Authorised Dealer Banks

Madam/Sir

Foreign Exchange Management (Overseas Investment) Directions, 2022

Overseas investments by persons resident in India enhance the scale and scope of business
operations of Indian entrepreneurs by providing global opportunities for growth. Such ventures
through easier access to technology, research and development, a wider global market and
reduced cost of capital along with other benefits increase the competitiveness of Indian entities
and boost their brand value. These overseas investments are also important drivers of foreign
trade and technology transfer thus boosting domestic employment, investment and growth
through such interlinkages.

2. In keeping with the spirit of liberalisation and to promote ease of doing business, the Central
Government and the Reserve Bank of India have been progressively simplifying the procedures
and rationalising the rules and regulations under the Foreign Exchange Management Act, 1999.
In this direction, a significant step has been taken with operationalisation of a new Overseas
Investment regime. Foreign Exchange Management (Overseas Investment) Rules, 2022 have
been notified by the Central Government vide Notification No. G.S.R. 646(E) dated August 22,
2022 and Foreign Exchange Management (Overseas Investment) Regulations, 2022 have been
notified by the Reserve Bank vide Notification No. FEMA 400/2022-RB dated August 22, 2022 in
supersession of the Notification No. FEMA 120/2004-RB dated July 07, 2004 [Foreign Exchange
Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004] and
Notification No. FEMA 7 (R)/2015-RB dated January 21, 2016 [Foreign Exchange Management
(Acquisition and Transfer of Immovable Property Outside India) Regulations, 2015]. The new
regime simplifies the existing framework for overseas investment by persons resident in India to
cover wider economic activity and significantly reduces the need for seeking specific approvals.
This will reduce the compliance burden and associated compliance costs.

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3. Some of the significant changes brought about through the new rules and regulations are
summarised below:
(i) enhanced clarity with respect to various definitions;
(ii) introduction of the concept of “strategic sector”;
(iii) dispensing with the requirement of approval for:
a. deferred payment of consideration;
b. investment/disinvestment by persons resident in India under investigation by any
investigative agency/regulatory body;
c. issuance of corporate guarantees to or on behalf of second or subsequent level step
down subsidiary (SDS);
d. write-off on account of disinvestment;
(iv) introduction of “Late Submission Fee (LSF)” for reporting delays.

4. The detailed operational instructions in this regard are given in Annex-I. The instructions
contained in these directions shall supersede the instructions contained in the circulars listed in
Annex-II.

5. The revised reporting forms and instructions for filling up the forms under the new regime are
being provided on Reserve Bank’s website in Part VIII of the Master Direction no. 18 on ‘Reporting
under Foreign Exchange Management Act, 1999’ dated January 01, 2016.

6. AD banks may bring the contents of the circular to the notice of their customers/constituents
concerned.

7. The directions contained in this circular have been issued under Section 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

Ajay Kumar Misra

Chief General Manager-in-Charge

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 Annex-I

Foreign Exchange Management (Overseas Investment) Directions, 2022

(Annexed to AP DIR Circular No. 12 dated August 22, 2022)

These Directions shall be called Foreign Exchange Management (Overseas Investment)

Directions, 2022 (hereinafter referred to as “OI Directions”) which shall be read with the provisions
contained in Foreign Exchange Management (Overseas Investment) Rules, 2022 (hereinafter
referred to as “OI Rules”) and Foreign Exchange Management (Overseas Investment)
Regulations, 2022 (hereinafter referred to as “OI Regulations”).
INDEX
Para. No. Particulars Page No.
1 Part I - Definitions and associated details 4
Part II – General provisions 6
2 Exemptions from applicability of OI Rules/Regulations/Directions 6
3 Permission for making overseas investment 7
4 Approval from the Central Government 8
5 Approval from the Reserve Bank 8
No Objection Certificate (NOC) from the lender bank/regulatory 8
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body/investigative agency
7 Rights issue and bonus shares 9
8 Acquisition of a foreign entity through bidding or tender procedure 9
9 ODI in startups 9
10 Acquisition or transfer by way of deferred payment 9
11 Mode of Payment 10
12 Pricing Guidelines 10
13 Transfer or liquidation 11
14 Restructuring 11
15 Opening of Foreign Currency Account abroad by an Indian entity 11
16 Obligations of the Person Resident in India 12
17 Reporting 12
18 Delay in Reporting 13
19 Restriction on further financial commitment or transfer 14
20 Restrictions and prohibitions 14
Part III – Specific provisions 15
21 Financial commitment by an Indian entity 15
22 Overseas investment by resident individuals 18
Overseas investment by a person resident in India, other than an Indian 19
23
entity or a resident individual
24 Overseas investment in an IFSC in India by a person resident in India 20
25 Acquisition or Transfer of Immovable Property outside India 21
Part IV - Other Operational Instructions to AD banks 21
26 Designated banks 21
27 Overseas investment under OI Rules/Regulations 21
28 General procedural instructions for online reporting 23
- Annex-II: List of the circulars/ master direction superseded 24
- Appendix A: Request Form for creation of user id in the OID Application 26

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 Part I - Definitions and associated details
1. Reference shall be made to OI Rules and OI Regulations for the definitions of the various terms
used in these directions. However, the major terms are reiterated and elaborated below:
(i) “foreign entity” - the extant concept of Joint Venture (JV) and Wholly Owned Subsidiary
(WOS) is substituted under the new regime with the concept of foreign entity, which means an
entity formed or registered or incorporated outside India, including in International Financial
Services Centre (IFSC) in India, that has limited liability. ‘Limited liability’ would mean a structure
such as a limited liability company, limited liability partnership, etc. where the liability of the person
resident in India is clear and limited. In case of a foreign entity being an investment fund or vehicle,
duly regulated by the regulator for the financial sector in the host jurisdiction and set up as a trust
outside India, the liability of the person resident in India shall be clear and limited not exceeding
the interest or contribution in the fund in any manner. Further, the trustee of such fund shall be a
person resident outside India.
(ii) “strategic sector” shall include energy and natural resources sectors such as Oil, Gas, Coal,
Mineral Ores, submarine cable system and start-ups and any other sector or sub-sector as
deemed fit by the Central Government. The restriction of limited liability structure of foreign entity
shall not be mandatory for entities with core activity in any strategic sector. Accordingly, Overseas
Direct Investment (ODI) can be made in such sectors in unincorporated entities as well. An Indian
entity is also permitted to participate in a consortium with other international operators to construct
and maintain submarine cable systems on co-ownership basis. AD banks may allow remittances
for ODI in strategic sector after ensuring that Indian entity has obtained necessary permission
from the competent authority, wherever applicable.
(iii) “control” means the right to appoint majority of the directors or to control the management
or policy decisions exercisable by a person or persons acting individually or in concert, directly or
indirectly, including by virtue of their shareholding or management rights or shareholders’
agreements or voting agreements that entitle them to ten percent or more of voting rights or in
any other manner in the entity.
(iv) “Indian entity” – the extant concept of Indian party (IP) where all the investors from India in
a foreign entity were together considered as IP, has been substituted under the new regime with
the concept of Indian entity where each investor entity shall be separately considered as an Indian
entity. Indian entity shall mean a company defined under the Companies Act, 2013 or a body
corporate incorporated by any law for the time being in force or a Limited Liability Partnership
formed under the Limited Liability Partnership Act, 2008 or a partnership firm registered under the
Indian Partnership Act, 1932.

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(v) “subsidiary”/ “step down subsidiary (SDS)” of a foreign entity means an entity in which the
foreign entity has control and the structure of such subsidiary/SDS shall comply with the structural
requirements of a foreign entity, i.e., such subsidiary/SDS shall also have limited liability where
the foreign entity’s core activity is not in strategic sector. The investee entities of the foreign entity
where such foreign entity does not have control (as defined above) shall not be treated as SDSs
and therefore need not be reported henceforth.
(vi) “Overseas Direct Investment (ODI)” means (i) acquisition of any unlisted equity capital or
subscription as a part of the Memorandum of Association of a foreign entity, or (ii) investment in
10% or more of the paid-up equity capital of a listed foreign entity, or (iii) investment with control
where investment is less than 10% of the paid-up equity capital of a listed foreign entity.
Explanation: Once an investment in a foreign entity is classified as ODI, the investment
shall continue to be treated as ODI even if such investment falls below 10% of the paid-up equity
capital or the investor loses control in the foreign entity.
(vii) “equity capital” means equity shares or perpetual capital or instruments that are
irredeemable or contribution to non-debt capital of a foreign entity, which is in the nature of fully
and compulsorily convertible instruments. Accordingly, any instrument which is redeemable or
non-convertible or optionally convertible shall be treated as debt for the purpose of OI
Rules/Regulations/Directions.
(viii) “financial commitment” by a person resident in India means the aggregate amount of
investment by way of ODI, debt other than Overseas Portfolio Investment (OPI) and non-fund-
based facility or facilities extended by it to all foreign entities. An Indian entity may lend or invest
in any debt instruments issued by a foreign entity or extend non-fund based commitment to or on
behalf of a foreign entity, including overseas SDSs of such Indian entity, subject to the following
conditions:
a) the Indian entity is eligible to make ODI;
b) the Indian entity has made ODI in the foreign entity;
c) the Indian entity has acquired control in the foreign entity on or before the date of making
such financial commitment.
(ix) “Overseas Portfolio Investment (OPI)” means investment, other than ODI, in foreign
securities. The following is further provided:
a) OPI shall not be made in:
i. any unlisted debt instruments; or
ii. any security which is issued by a person resident in India who is not in an IFSC; or
iii. any derivatives unless otherwise permitted by Reserve Bank; or
iv. any commodities including Bullion Depository Receipts (BDRs).

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b) OPI by a person resident in India in the listed equity capital of a listed entity, even after its
delisting, shall continue to be treated as OPI until any further investment is made in the entity,
i.e., any further investment made in the equity capital of the foreign entity after its delisting
shall be made as ODI.
c) A listed Indian company may make OPI, including by way of reinvestment, in accordance with
schedule II of the OI Rules. ‘Reinvestment’ means that the OPI proceeds are exempted from
repatriation provisions as long as such proceeds are reinvested within the time specified for
realisation and repatriation as per Notification No. FEMA 9(R)/2015-RB namely, Foreign
Exchange Management (Realisation, repatriation and surrender of foreign exchange)
Regulations, 2015.
d) An unlisted Indian entity may make OPI in accordance with schedule II of the OI Rules.
e) The investment (including sponsor contribution) in units of any investment fund overseas, duly
regulated by the regulator for the financial sector in the host jurisdiction, shall be considered
as OPI. Accordingly, in jurisdictions other than IFSC, listed Indian companies and resident
individuals may make such investment. Whereas in IFSC an unlisted Indian entity may also
make such OPI in units of an investment fund or vehicle, in terms of schedule V of the OI
Rules subject to limits, as applicable.
f) Resident individuals may make OPI within the overall limit for Liberalised Remittance Scheme
(LRS) in terms of schedule III of the OI Rules. Further, shares or interest acquired by the
resident individuals by way of sweat equity shares or minimum qualification shares or under
Employee Stock Ownership Plan (ESOP)/ Employee Benefits Scheme up to 10% of the paid-
up capital/stock, whether listed or unlisted, of the foreign entity and without control shall also
qualify as OPI.
g) Any investment made overseas in accordance with schedule IV of the OI Rules in securities
as stipulated by SEBI by Mutual Funds (MFs), Venture Capital Funds (VCFs) and Alternative
Investment Funds (AIFs) registered with SEBI shall be considered as OPI.
(x) “Listed equity capital or instrument” - Wherever a reference is made in these directions or
OI Rules or OI Regulations to listed equity capital or a listed instrument overseas, it shall mean
that such equity capital or instrument, as the case may be, shall be listed on a recognised stock
exchange outside India.

Part II – General provisions

2. Exemptions from applicability of OI Rules/Regulations/Directions
The provisions contained in the OI Rules/Regulations/Directions shall not apply, and general
permission shall be available for acquisition or transfer of any investment outside India made as
per rule 4 of the OI Rules.

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3. Permission for making overseas investment
(1) A person resident in India may make or transfer any investment or financial commitment
outside India under general permission/automatic route subject to the provisions contained in the
OI Rules, OI Regulations and these directions. Accordingly, overseas investment may be made
in a foreign entity engaged in a bona fide business activity, directly or through SDS/special-
purpose vehicle (SPV).
(2) The person intending to make any financial commitment shall fill up the Form FC as provided
in the “Master Direction – Reporting under Foreign Exchange Management Act, 1999” duly
supported by the requisite documents and approach the designated AD bank for making the
investment/remittance.
(3) In respect of any case under the approval route, the applicant shall approach their designated
AD bank who shall forward the proposal to the Reserve Bank after due scrutiny and with its
specific recommendations. The application for overseas investment under the approval route
would continue to be submitted to the Reserve Bank in physical/electronic form through email as
hitherto, in addition to the online reporting. The designated AD bank before forwarding the
proposal shall submit the relevant sections of the Form FC in the online OID application and the
transaction number generated by the application shall be mentioned in their reference. The
following documents shall be submitted along with the proposal:
• Background and brief details of the transaction.
• Reason(s) for seeking approval mentioning the extant FEMA provisions.
• Observations of the designated AD bank with respect to the following:
o Prima facie viability of the foreign entity;
o Benefits which may accrue to India through such investment;
o Financial position and business track record of the Indian entity and the foreign entity;
o Any other material observation.
• Recommendations of the designated AD bank with confirmation that the applicant’s board
resolution or resolution from an equivalent body, as applicable, for the proposed
transaction(s) is in place.
• Diagrammatic representation of the organisational structure indicating all the subsidiaries
of the Indian entity horizontally and vertically with their stake (direct and indirect) and
status (whether operating company or SPV).
• Valuation certificate for the foreign entity (if applicable).
• Other relevant documents properly numbered, indexed and flagged.

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The proposal shall be submitted to the following address:
The Chief General Manager,
Reserve Bank of India,
Foreign Exchange Department,
Overseas Investment Division,
Amar Building, 5th Floor,
Sir P. M. Road, Fort,
Mumbai 400001.

4. Approval from the Central Government

The applications for overseas investment/financial commitment in Pakistan/other jurisdiction as
may be advised by the Central Government from time to time or in strategic sectors/specific
geographies in accordance with rule 9 of OI Rules shall be forwarded by the AD banks from their
constituents to the Reserve Bank as per the laid down procedure for onward submission to the
Central Government.

5. Approval from the Reserve Bank

Financial commitment by an Indian entity, exceeding USD 1 (one) billion (or its equivalent) in a
financial year shall require prior approval of the Reserve Bank even when the total financial
commitment of the Indian entity is within the eligible limit under the automatic route.

6. No Objection Certificate (NOC) from the lender bank/regulatory body/investigative

agency

(1) Any person resident in India having an account appearing as a Non-Performing Asset (NPA)
or is classified as wilful defaulter or is under investigation by a financial sector regulator/
investigative agency shall obtain an NOC from the lender bank/regulatory body/investigative
agency concerned in accordance with rule 10 of OI Rules, before making financial commitment
or undertaking disinvestment.

(2) Where an Indian entity has already issued a guarantee in accordance with the FEMA
provisions before an investigation has begun or account is classified as NPA/wilful defaulter and
subsequently is required to honour such contractual obligation, such remittance due to the
invocation will not constitute fresh financial commitment and hence NOC shall not be required.

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7. Rights issue and bonus shares
(1) A person resident in India, who has acquired and continues to hold equity capital in a foreign
entity in accordance with the OI Rules/Regulations may acquire equity capital through exercise
of rights or by way of bonus shares in accordance with rule 7 of the OI Rules.
(2) The acquisition of equity capital through exercise of such rights shall be reported in Form FC.
Where such person does not exercise the rights but renounces such rights in favour of a person
resident in India or a person resident outside India, such renouncement shall not require reporting.
Further, the acquisition of bonus shares shall not be treated as fresh financial commitment and
will not require reporting.

8. Acquisition of a foreign entity through bidding or tender procedure

(1) AD banks may, on being approached by an eligible person resident in India, allow remittance
towards Earnest Money Deposit (EMD) after obtaining Form A2 duly filled in or may issue bid
bond guarantee on their behalf in accordance with regulation 9(5) of OI Regulations for
participation in bidding or tender procedure for acquisition of a foreign entity. On winning the bid,
AD banks may facilitate further remittances to the foreign entity so acquired after obtaining Form
FC duly filled in and report such financial commitment.
(2) AD banks, while permitting remittance towards EMD should advise the Indian entity/investor
that in case they are not successful in the bid, they shall repatriate the amount remitted in
accordance with Notification No. FEMA 9(R)/2015-RB.
(3) In cases where such a person resident in India, after being successful in the bid/tender decides
not to proceed further with the investment, AD banks shall ensure the bona fides of transaction
while permitting the invocation of bid-bond guarantee or forfeiture of EMD.

9. ODI in startups
Any ODI in startups in accordance with rule 19(2) of OI Rules shall not be made out of funds
borrowed from others. The AD bank, before facilitating the transaction, shall obtain necessary
certificate in this regard from the statutory auditors/chartered accountant of the Indian
entity/investor.

10. Acquisition or transfer by way of deferred payment

(1) AD bank shall verify the bona fides of the transactions from the underlying
agreement/documents in case of deferment of payment of consideration in accordance with
regulation 7 of OI Regulations. The period of deferment shall be defined upfront. In case the
remittance towards acquisition of equity capital is to be made post subscription to Memorandum
of Association, the period within which such remittance is to be made shall be defined in the

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underlying agreement/documents/applicable laws else the remittance shall be made on or before
acquisition of/setting up of the foreign entity.
(2) The part of the payment towards consideration deferred by the person resident in India shall
be treated as non-fund based financial commitment by such person and shall be reported
accordingly. Subsequent payments towards deferred consideration shall be reported in Form FC
as conversion of non-fund based financial commitment to equity. The valuation in accordance
with pricing guidelines, wherever applicable, shall be done upfront.

11. Mode of Payment

The mode of payment by a person resident in India for making overseas investment shall be in
accordance with regulation 8 of the OI Regulations. It is further provided that:
(i) Overseas investment by way of cash is not permitted.
(ii) In terms of Regulation 5(B) of Notification No. FEMA 10(R)/2015-RB, namely, Foreign
Exchange Management (Foreign Currency Accounts by a resident in India) Regulations,
2015, an Indian entity can make remittances to its office/branch outside India only for the
purpose of normal business operations of such branch or office. Accordingly, no remittance
shall be made by any Indian entity to its branch/office outside India for making any overseas
investment.
(iii) A person resident in India shall not make any payment on behalf of any foreign entity other
than by way of financial commitment as permitted under the OI Rules/Regulations.
(iv) Any investment/financial commitment in Nepal and Bhutan shall be done in a manner as
provided in Notification No. FEMA 14(R)/2016-RB, namely, Foreign Exchange Management
(Manner of Receipt and Payment) Regulations, 2016. All dues receivable on investments
(or financial commitment) made in freely convertible currencies, as well as their sale/winding
up proceeds are required to be repatriated to India in freely convertible currencies only.

12. Pricing Guidelines

(1) The AD bank, before facilitating an overseas investment related transaction, shall ensure
compliance with the provisions contained in rule 16 of OI Rules. With respect to the documents
to be taken by the AD bank, they shall be guided by their board approved policy, which may, inter
alia, provide for taking into consideration the valuation as per any internationally accepted pricing
methodology for valuation. The AD bank shall put in place a board approved policy within two
months from the date of these directions.
(2) Such policy may also provide for scenarios where the valuation may not be insisted upon,
such as (i) transfer on account of merger, amalgamation or demerger or liquidation, where the
price has been approved by the competent Court/Tribunal as per the laws in India and/or the host

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jurisdiction or (ii) price is readily available on a recognised stock exchange, etc. The policy shall
also clearly provide for additional documents such as the audited financial statements of the
foreign entity, etc. that may be taken by the AD banks for ascertaining the bona fides in cases
involving write-off of the investment.

13. Transfer or liquidation

A person resident in India holding equity capital in accordance with OI Rules may transfer such
investment in accordance with rule 17 of OI Rules. It is clarified that where the transferor is
required to repatriate all the dues before disinvestment, such requirement shall not apply to the
dues that do not arise on account of investment in equity or debt like export receivables, etc.

14. Restructuring
(1) A person resident in India who has made ODI in a foreign entity, may permit restructuring of
the balance sheet by such foreign entity in accordance with rule 18 of OI Rules. The aggregate
investment in both the equity and debt of the foreign entity shall be taken into consideration for
computing the proportionate amount of accumulated losses. However, in case the restructuring
involves only equity, investment only in equity of the foreign entity may be taken into consideration
for computing proportionate losses.

(2) The certificate required to be furnished in accordance with rule 18 of OI Rules shall mention
the amount of accumulated losses as per the audited balance sheet of the foreign entity, the
proportionate amount of accumulated losses based upon the share of the Indian entity/investor,
the amount of diminution in the value of the outstanding dues towards the Indian entity/investor
post restructuring and that such diminution does not exceed the proportionate amount of
accumulated losses.

(3) These provisions shall not be used where the assets are simply revalued in the books of the
Indian entity without any restructuring of the balance sheet of the foreign entity.

15. Opening of Foreign Currency Account abroad by an Indian entity

An Indian entity may open, hold and maintain Foreign Currency Account (FCA) abroad for the
purpose of making ODI in accordance with the provisions contained in Regulation 5 (D) of
Notification No. FEMA.10(R)/2015-RB, namely, Foreign Exchange Management (Foreign
Currency Accounts by a resident in India) Regulations, 2015.

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16. Obligations of the Person Resident in India
(1) A person resident in India making ODI shall meet the obligations laid down in regulation 9 of
OI Regulations.
(2) A person resident in India acquiring equity capital in a foreign entity, which is reckoned as
ODI, shall submit the evidence of investment as per regulation 9(1) of OI Regulations to the AD
bank within six months, failing which the funds remitted overseas shall be repatriated within the
said period of six months. The evidence of investment shall be retained by the designated AD
bank, who shall monitor the receipt of required documents and satisfy themselves about the bona
fides of the documents so received.
(3) Form FC shall be submitted along with requisite documents to AD bank for obtaining UIN on
or before making initial ODI. The AD bank after due verification shall report the details in the OID
application for allotment of UIN. Any remittance towards a foreign entity shall be facilitated by the
AD bank only after obtaining the necessary UIN for such entity. The allotment of UIN does not
constitute an approval from the Reserve Bank for the investment made/to be made in the foreign
entity. The issue of UIN only signifies taking on record of the investment for maintaining the
database. Further, with effect from June 01, 2012, an auto generated e-mail giving the details of
UIN allotted to the foreign entity is forwarded to the AD bank/Indian investor as confirmation of
allotment of UIN, and no separate letter is issued by the Reserve Bank.

17. Reporting
(1) All reporting with respect to overseas investment by a person resident in India shall be made
in accordance with regulation 10 of OI Regulations through the designated AD bank as per the
revised reporting forms and instructions contained in the “Master Direction – Reporting under
Foreign Exchange Management Act, 1999”. The reporting forms can be downloaded from
Reserve Bank’s website www.rbi.org.in. Any incomplete filing shall be treated as non-submission.
(2) Any acquisition of foreign securities through conversion of Indian Depository Receipts (IDRs)
shall be duly reported as ODI or OPI, as applicable.
(3) The Annual Performance Report (APR) shall be certified by a chartered accountant where the
statutory audit is not applicable, including in case of resident individuals. It is also clarified that
where APR is required to be filed jointly, either one investor may be authorised by other investors
for filing APR, or such persons may jointly file the APR.
(4) A resident individual making overseas investment must comply with the reporting requirements
as provided under the OI Regulations and reporting shall also be done as provided under the LRS
where such investment is reckoned towards the LRS limit. Acquisition of foreign securities by way

12
of inheritance or gift in accordance with paragraph 2 of Schedule III of OI Rules shall not be
reckoned towards the LRS limit and hence, shall not require reporting under LRS.

18. Delay in Reporting

(1) In case a person resident in India has made a delay in filing/submitting the requisite
form/return/document, such person may file/submit the requisite form/return/ document, etc. and
pay the Late Submission Fee (LSF) through the designated AD bank in accordance with
regulation 11 of OI Regulations.
(2) The LSF for delay in reporting of overseas investment related transactions shall be calculated
as per the following matrix:
Sr.
No. Type of Reporting delays LSF Amount (INR)

1 Form ODI Part-II/ APR, FLA Returns, Form OPI,

evidence of investment or any other return which
7500
does not capture flows or any other periodical
reporting
2 Form ODI-Part I, Form ODI-Part III, Form FC, or any
other return which captures flows or returns which
[7500 + (0.025% × A × n)]
capture reporting of non-fund based transactions or
any other transactional reporting
Notes:
a) “n” is the number of years of delay in submission rounded-upwards to the nearest month
and expressed up to 2 decimal points.
b) “A” is the amount involved in the delayed reporting.
c) LSF amount is per return.
d) Maximum LSF amount will be limited to 100 per cent of ‘A’ and will be rounded upwards
to the nearest hundred.
e) Where an advice has been issued for payment of LSF and such LSF is not paid within 30
days, such advice shall be considered as null and void and any LSF received beyond this
period shall not be accepted. If the applicant subsequently approaches for payment of
LSF for the same delayed reporting, the date of receipt of such application shall be treated
as the reference date for the purpose of calculation of LSF.
f) The option of LSF shall be available up to three years from the due date of
reporting/submission under OI Regulations. The option of LSF shall also be available for
delayed reporting/submissions under the Notification No. FEMA 120/2004-RB and earlier

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 corresponding regulations, up to three years from the date of notification of OI
Regulations.
g) In case a person resident in India responsible for submitting the evidence of investment
or filing any forms/returns/reports, etc. as per OI Regulations/earlier corresponding
regulations, neither makes such submission/filing within the specified time nor makes such
submission/filing along with LSF as provided in regulation 11 of OI Regulations, such
person shall be liable for penal action under the provisions of FEMA, 1999.

(3) The LSF may be paid by way of a demand draft drawn in favour of “Reserve Bank of India”
and payable at the Regional Office concerned (in accordance with UIN mapping given in the table
below).

Sr.No UIN with prefix UIN mapped to

1. AH RO Ahmedabad
2. BG RO Bengaluru
3. BL or BY or PJ RO Mumbai
4. BN or CA or GA or GH RO Kolkata
CG or JM or JR or KA or ND or
5. PT or WR RO New Delhi
6. HY RO Hyderabad
7. KO or MA RO Chennai

19. Restriction on further financial commitment or transfer

AD bank shall not facilitate any outward remittance/further financial commitment by a person
resident in India towards a foreign entity until any delay in reporting is regularised and may be
guided by regulation 12 of OI Regulations.

20. Restrictions and prohibitions

(1) AD bank shall not facilitate any transaction in respect of any foreign entity engaged in an
activity mentioned in rule 19(1) of OI Rules or located in countries/ jurisdictions as advised by the
Central Government under rule 9(2) of OI Rules. It is clarified that financial products linked to
Indian Rupee shall include non-deliverable trades involving foreign currency-INR exchange rates,
stock indices linked to Indian market, etc.
(2) The financial commitment by a person resident in India in a foreign entity that has invested or
invests into India at the time of making such financial commitment or at any time thereafter, either
directly or indirectly, resulting in a structure with more than two layers of subsidiaries is not
permitted in accordance with rule 19(3) of the OI Rules. It is provided that no further layer of
subsidiary or subsidiaries shall be added to any structure existing with two or more layers of
subsidiaries post notification of the OI Rules/Regulations.

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Note: It may be noted that subsidiary shall have the meaning as provided in the OI Rules i.e. an
entity in which the foreign entity has control (which includes a stake of 10% or more in an entity
as per the OI Rules).

Part III – Specific provisions

21. Financial commitment by an Indian entity
An Indian entity, within the overall limit provided in schedule I of the OI Rules and subject to
regulation 3 of OI Regulations, may make financial commitment by way of ODI as per schedule I
of the OI Rules, financial commitment by way of debt as per regulation 4 of OI Regulations and
non-fund based financial commitment as per regulations 5, 6 and 7 of OI Regulations. The
following is further provided:
(1) In case of swap of securities both the legs of transaction shall comply with FEMA provisions,
as applicable.
(2) In case of investment in foreign entity by a registered Partnership firm, it will be in order for
individual partners to hold shares for and on behalf of the firm in the foreign entity if the host
country regulations or operational requirements warrant such holdings.
(3) Financial commitment by way of debt [regulation 4 of OI Regulations]- AD bank shall facilitate
an outward remittance towards financial commitment by way of debt only after obtaining the
necessary agreement/documents for ensuring the bona fides of the transaction. An Indian entity
shall not lend directly to its overseas SDS. Further a resident individual shall not make financial
commitment by way of debt.
(4) It is provided with respect to financial commitment by way of Guarantee [regulation 5 of OI
Regulations] that-
a) In the case of performance guarantee, time specified for the completion of the contract
shall be treated as its validity period.
b) No prior approval from the Reserve Bank shall be needed for remitting the funds from India
on account of invocation of a performance guarantee extended in accordance with OI
Rules/Regulations.
c) Any guarantee, to the extent of the amount invoked, shall cease to be a part of the non-
fund based financial commitment but will be considered as financial commitment by way
of debt. Such invocation shall be reported in Form FC.
d) Roll-over of guarantee shall not be treated as fresh financial commitment. However, such
roll-over shall be reported in Form FC.
e) A group company of the Indian entity may extend a guarantee in accordance with the OI
Regulations if such group company is eligible to make ODI as per the OI Rules and such
guarantee shall be counted towards the utilisation of the financial commitment limit of such

15
 group company and shall be reported by the group company concerned. In case of a
resident individual promoter, the same shall be counted towards the financial commitment
limit of the Indian entity and accordingly be reported by the Indian entity. The concept of
utilising the net worth of the subsidiary/holding company by the Indian entity has been
discontinued henceforth. Further, for computing the financial commitment limit of the group
company, any fund-based exposure of such group company to the Indian entity or of the
Indian entity to such group company, as the case may be, shall be deducted from the net
worth of such group company.
(5) The provisions related to financial commitment by way of pledge/charge [regulation 6 of OI
Regulations] are summarised below:
Security by Indian In whose favour Facility availed Amount reckoned
entity towards financial
commitment
A) Pledge the equity AD bank or a public Fund/non-fund based Nil.
capital of the foreign financial institution in facilities for Indian
entity /its SDS outside India or an overseas entity.
India. lender. Fund/non-fund based The value of the
facilities for any pledge or the
foreign entity/its SDSs amount of the
outside India. facility, whichever
is less.
A debenture trustee Fund based facilities Nil.
registered with SEBI in for Indian entity.
India.
B) Create charge on its AD bank or a public Fund/non-fund based The value of
assets (other than A financial institution in facility for any foreign charge or the
above) in India India or an overseas entity/its SDS outside amount of the
[including the assets of lender. India facility, whichever
its group company or is less
associate company, Overseas or Indian fund/non-fund based Nil.
promoter and / or lender. facilities for Indian
director]. entity.
C) Create charge on An AD bank in India or Fund/non-fund based The value of the
the assets outside a public financial facility for any foreign charge or the
India of the foreign institution in India. entity/its SDS outside amount of the
entity/ its SDS outside India. facility, whichever
India. is less.
Fund/non-fund based Nil.
facility for Indian
entity.
a debenture trustee fund based facilities Nil
registered with SEBI in for Indian entity.
India.

(6) Financial commitment by way of pledge/charge shall be subject to following conditions:

16
 a) The value of the pledge/charge or the amount of the facility, whichever is less, shall be
reckoned towards the financial commitment limit provided such facility has not already
been reckoned towards the limit prescribed;
b) Overseas lender in whose favour such pledge/charge is created shall not be from any
country or jurisdiction in which financial commitment is not permissible under the OI
Rules;
c) the creation/enforcement of such pledge/charge shall be in accordance with the relevant
provisions of the Act or rules or regulations made, or directions issued thereunder;
d) The assets on which charge is being created are not securitised;
e) The period of charge, if not specified upfront, shall be co-terminus with the period of
facility (like loan or other facility) for which charge has been created;
f) in the event of enforcement of charge created on domestic assets, such domestic assets
shall be transferred by way of sale to a person resident in India only;
g) Wherever creation of charge involves pledge of shares of an Indian company in favour
of an overseas lender, the pledge shall also be governed by the extant FEMA provisions
contained in FEM (Non-Debt Instruments) Rules, 2019.
(7) The provisions pertaining to ODI in financial services activity [paragraph 2 of schedule I and
paragraph 2 of schedule V of OI Rules] are summarised below:
Indian entity ODI in foreign entity Subject to the financial commitment limit,
reporting and documentation as per the OI
Rules/Regulations and other applicable
provisions as under
a) Engaged in Engaged in Financial Subject to the provisions contained in
Financial Services activity paragraph 2(1) of schedule I of the OI Rules.
Services activity Where such investment is in IFSC, the
requisite approval by the financial services
regulator concerned shall be decided within 45
days from the date of receipt of application
complete in all respects failing which it shall be
deemed to be approved
Not engaged in Financial Subject to the guidelines issued by the
Services activity respective regulator
b) Not engaged in Engaged in Financial Indian entity has posted net profits during the
Financial Services activity except preceding three financial years. However, an
Services activity banking or insurance Indian entity not meeting 3-year profitability
condition may make such ODI in a foreign
entity in IFSC in India.
Engaged in general and Apart from the 3 years profitability criteria,
health insurance such insurance business is supporting the
core activity undertaken overseas by such
Indian entity. For instance, health insurance to
support medical/hospital business, vehicle
insurance to support the manufacturing/export
of motor vehicles, etc.

17
 c) Overseas investment in any sector by banks and non-banking financial institutions regulated
by the Reserve Bank shall be subject to such other conditions as may be stipulated by the
regulatory department concerned of the Reserve Bank in this regard.
d) A foreign entity will be considered to be engaged in the business of financial services activity
if it undertakes an activity, which if carried out by an entity in India, requires registration with or
is regulated by a financial sector regulator in India.

(8) Limit of financial commitment shall be governed by paragraph 3 of schedule I of the OI rules.
The following is further provided:
a) Utilisation of the balances held in EEFC account, and the amount raised by issue of American
Depository Receipts (ADR)/ Global Depositary Receipts (GDR) and ADR/ GDR stock-swap for
making financial commitment shall also be reckoned towards the financial commitment limit.
However, financial commitment made through such resources prior to the date of notification of
the OI Rules/Regulations shall not be reckoned towards the limit.
b) Where the proceeds from External Commercial Borrowings (ECB) are utilised for making
financial commitment, the same shall be reckoned towards the financial commitment limit.
However, only that part of the ECB shall be reckoned towards the financial commitment limit that
exceeds the amount of the corresponding pledge or creation of charge on assets which has
already been counted towards the financial commitment limit.

22. Overseas investment by resident individuals

With effect from August 05, 2013, resident individuals (single or in association with another
resident individual or with an Indian entity) were permitted to make ODI. A resident individual may
make overseas investment in accordance with schedule III of OI Rules. The following is further
provided:
(1) Where a resident individual has made ODI without control in a foreign entity that subsequently
acquires or sets-up a subsidiary/SDS, such resident individual shall not acquire control in such
foreign entity.
(2) Overseas investment by way of capitalisation, swap of securities, rights/bonus, gift, and
inheritance shall be categorised as ODI or OPI based on the nature of the investment. However,
where the investment, whether listed or unlisted, by way of sweat equity shares, minimum
qualification shares and shares/interest under Employee Stock Ownership Plan
(ESOP)/Employee Benefits Scheme does not exceed 10 per cent of the paid-up capital/stock of
the foreign entity and does not lead to control, such Investment shall be categorised as OPI.
(3) In case of swap of securities both the legs of the transaction shall comply with FEMA
provisions, as applicable. However, where swap of securities results in acquisition of any equity

18
capital which is not in conformity with the OI Rules/Regulations, e.g., ODI in foreign entity engaged
in financial services activity, foreign entity having a subsidiary/SDS, etc., such equity capital must
be disinvested within a period of six months from the date of such acquisition.
(4) Resident individuals are not permitted to transfer any overseas investment by way of gift to a
person resident outside India.
(5) Shares/interest under ESOP/Employee Benefits Scheme - AD banks may allow remittances,
towards acquisition of the shares/interest in an overseas entity under the scheme offered directly
by the issuing entity or indirectly through a Special Purpose Vehicle (SPV) /SDS. Where the
investment qualifies as OPI, the necessary reporting in Form OPI shall be done by the employer
concerned in accordance with regulation 10(3) of OI Regulations. Where such investment
qualifies as ODI, the resident individual concerned shall report the transaction in Form FC.
(6) Foreign entities are permitted to repurchase the shares issued to residents in India under any
ESOP Scheme provided (i) the shares were issued in accordance with the rules/regulations
framed under FEMA, 1999, (ii) the shares are being repurchased in terms of the initial offer
document, and (iii) necessary reporting is done through the AD bank.
(7) Though there is no limit on the amount of remittance made towards acquisition of
shares/interest under ESOP/Employee Benefits Scheme or acquisition of sweat equity shares,
such remittances shall be reckoned towards the LRS limit of the person concerned.

23. Overseas investment by a person resident in India, other than an Indian entity or a
resident individual
A person resident in India, other than an Indian entity or a resident individual may make overseas
investment in accordance with schedule IV of OI Rules. The following is further provided:
(1) Mutual Funds (MFs) and Venture Capital Funds (VCFs)/Alternative Investment Funds (AIFs)
registered with SEBI may, in accordance with paragraph 2 of schedule IV of OI Rules, invest
overseas in securities as stipulated by SEBI within an overall cap of USD 7 billion and USD 1.5
billion, respectively. Further, a limited number of qualified MFs are permitted to invest cumulatively
up to USD 1 billion in overseas Exchange Traded Funds, as may be permitted by SEBI. Such
investment shall be considered as OPI irrespective of whether the securities are listed or not.
(2) MFs/VCFs/AIFs desirous of availing this facility may approach SEBI for necessary permission.
Operational modalities regarding eligibility criteria, individual limits, identification of recognised
stock exchanges, investible universe, monitoring of aggregate ceilings, etc., shall be as per the
guidelines issued by SEBI. General permission is available to such investors for sale of securities
so acquired.
(3) An AD bank, including its overseas branch, may acquire or transfer foreign securities in terms
of host country regulations/laws, as applicable, in the normal course of its banking business. The

19
provisions contained in OI Rules/Regulations shall not apply to such acquisition or transfer of
foreign securities by an AD bank.
(4) A bank in India, being licensed by the Reserve Bank under the provisions of the Banking
Regulation Act, 1949, may acquire the shares of Society for Worldwide Interbank Financial
Telecommunication (SWIFT) as per the by-laws of SWIFT, provided the bank has been permitted
by the Reserve Bank for admission to the ‘SWIFT User’s Group in India’ as a member.
(5) Any overseas investment by the sole proprietorship or unregistered partnership firms may be
made by the proprietor concerned or the individual partners concerned within their limit available
under the LRS in accordance with schedule III of the OI Rules. If the proposed investment is in
strategic sector, any application for making overseas investment in excess of the LRS limit may
be made under the government approval route.
(6) Overseas investment by registered trust/society may be made under the approval route in
accordance with paragraph 1 of schedule IV of OI Rules.

24. Overseas investment in an IFSC in India by a person resident in India

A person resident in India may make overseas investment in an IFSC in India in accordance with
schedule V of OI Rules. The following is further provided:
(1) A person resident in India, being an Indian entity or a resident individual, may make investment
(including sponsor contribution) in the units of an investment fund or vehicle set up in an IFSC as
OPI. Accordingly, in addition to listed Indian companies and resident individuals, unlisted Indian
entities may also make such investment in IFSC.
(2) The restriction of making ODI only in an operating foreign entity or not making ODI in a foreign
entity engaged in financial services activity by resident individuals, shall not apply to an
investment made in IFSC. Such investment, however, shall not be made in any foreign entity
engaged in banking or insurance. Such foreign entity in IFSC may have subsidiary/SDS in IFSC.
It may also have subsidiary/SDS outside IFSC where the resident individual does not have control
in the foreign entity. Resident individual who has made ODI without control shall not acquire
control in a foreign entity that subsequently acquires or sets-up a subsidiary/SDS outside India.

20
25. Acquisition or Transfer of Immovable Property outside India
Any acquisition or transfer of immovable property outside India shall be governed by the
provisions contained in rule 21 of OI Rules. The following is further provided:
(1) An AD bank may allow an Indian entity having an overseas office to acquire immovable
property outside India for the business and residential purposes of its staff, provided total
remittances do not exceed the following limits as laid down for initial and recurring expenses,
respectively:
a) 15 per cent of the average annual sales/income or turnover of the Indian entity during the last
two financial years or up to 25 per cent of the net worth, whichever is higher;
b) 10 per cent of the average annual sales/income or turnover during the last two financial years.

Part IV - Other Operational Instructions to AD banks

26. Designated banks
(1) An eligible person resident in India making ODI (or financial commitment) in a foreign entity is
required to route all its transactions relating to such investment (or financial commitment) through
the AD bank designated by it. In case a foreign entity is being set up by two or more persons
resident in India, then all such persons shall route all transactions in respect of that foreign entity
only through one designated AD bank. However, different AD banks may be designated, if
required, for different foreign entities.
(2) In case such a person resident in India wants to switch over to another AD, it may approach
the new AD after obtaining an NOC from the existing AD bank.
(3) All communication from the person resident in India to the Reserve Bank should be routed
through the nodal branch of the designated AD bank. For proper follow up, the AD bank shall
maintain person-wise record in respect of each foreign entity.

27. Overseas investment under OI Rules/Regulations

(1) AD banks may allow remittance towards overseas investment up to the permissible limits on
receipt of application in Form FC together with form A-2, duly filled in, from the person making
such investments subject to their complying with the conditions prescribed in the OI
Rules/Regulations/Directions. AD banks shall render themselves liable for penal action under
section 11 and 13 of FEMA, 1999, if they facilitate remittances towards financial commitment
without obtaining the requisite duly completed Form FC.
Explanation: AD banks may note that an additional timeline of 15 days is made available
to them for reporting of investments/financial commitment by their constituents to RBI in the OID
application (other than first remittance, which requires to be reported in OID system before

21
executing the transaction, to generate UIN) and is not to be availed by the Indian entities/resident
individuals for submission of forms and documents to the AD bank.
(2) AD banks should allow remittance towards loan to the foreign entity and/or issue bank
guarantee to/on behalf of the foreign entity only after ensuring that the Indian entity has made
ODI and has control in the foreign entity.
(3) The Reserve Bank will not, generally, specify the documents which should be verified by the
AD banks for ensuring the bona fides of the transactions. In this connection, attention of
authorised persons is drawn to sub-section (5) of Section 10 of the FEMA, 1999 which provides
that an authorised person shall require any person desiring to transact in foreign exchange to
make such a declaration and to give such information as will reasonably satisfy him that the
transaction will not involve and is not designed for the purpose of any contravention or evasion of
the provisions of the FEMA, 1999 or any rule, regulation, notification, direction or order issued
thereunder. AD banks shall put in place a standard policy laying down the requirements or
documents or information to be obtained by their branches to ensure compliance with said
provisions of FEMA.
(4) AD banks shall ensure bona fides of the transaction, compliance with FEMA provisions,
compliance with Know Your Customer (KYC) Guidelines and compliance with anti-money
laundering guidelines/laws. Any doubtful case/suspicious transaction shall be referred to
Directorate of Enforcement (DoE) for further investigation and necessary action.
(5) In case of ODI by way of capitalisation of export proceeds or other entitlements, Indian
entity/resident individual shall make an application in Form FC to its designated AD bank. AD
bank may ensure necessary reporting in Form FC, compliance with OI Rules/Regulations and
necessary reporting in EDPMS, wherever applicable, for facilitating such transactions. In case
where such proceeds are overdue beyond the period specified for realisation/repatriation, before
permitting such capitalisation AD bank may grant necessary extension post proper due diligence.
(6) Pre-incorporation expenses – AD bank may allow remittance towards pre-incorporation
expenses after satisfying itself of the reasonableness, up to a maximum of USD 100,000 per
foreign entity. Such remittances made by a resident individual shall be reckoned towards their
LRS limit. A person resident in India may capitalise pre-incorporation expenses (i.e., financial
commitment by way of ODI) or recognise such expenses as receivables (i.e., financial
commitment by way of debt) or account them as expenses in their books. It is clarified that unless
recognised as financial commitment such expenses shall not attract provisions of OI
Rules/Regulations.

22
28. General procedural instructions for online reporting
(1) The existing application for online reporting of overseas investment related transactions by
Authorised dealers (ADs) has provision for Maker, Checker and Authoriser. The AD Maker shall
initiate the transaction and submit to the AD Checker for verification before submission to Reserve
Bank. In case of delay in reporting for any reason the transaction shall be reported to RBI only
after a middle management level officer designated as an authoriser ratifies it by recording the
reasons for the same.
(2) The AD Maker, AD Checker and AD Authoriser as above identified by the AD Bank may
obtain a user-id, if not obtained already, for accessing the online OID application by submitting a
request in the prescribed format as per appendix A.
(3) The online reporting shall be made by the Centralised Unit/Nodal Office of AD banks. The
overseas investment application is hosted on the Reserve Bank's Website at https://fed.rbi.org.in.
AD banks shall be responsible for the validity of the information reported online.
(4) Reserve Bank reserves the right to place the information received through the forms in the
public domain.
(5) AD banks should put in place proper processes and systems and issue necessary instructions
to all the dealing officials at the bank/branch level to ensure compliance with these directions.

23
 Annex-II

List of the circulars/ master direction superseded

1. A.P. (DIR Series) Circular No. 32 February 9, 2005

2. A.P. (DIR Series) Circular No. 42 May 12, 2005
3. A.P. (DIR Series) Circular No. 14 October 1, 2004
4. A.P. (DIR Series) Circular No. 9 August 29, 2005
5. A.P. (DIR Series) Circular No. 29 March 27, 2006
6. A.P. (DIR Series) Circular No. 30 April 5, 2006
7. A.P. (DIR Series) Circular No. 3 July 26, 2006
8. A.P. (DIR Series) Circular No. 6 September 6, 2006
9. A.P. (DIR Series) Circular No. 41 April 20, 2007
10. A.P. (DIR Series) Circular No. 49 April 30, 2007
11. A.P. (DIR Series) Circular No. 50 May 4, 2007
12. A.P. (DIR Series) Circular No. 59 May 18, 2007
13. A.P. (DIR Series) Circular No. 68 June 1, 2007
14. A.P. (DIR Series) Circular No. 72 June 8, 2007
15. A.P. (DIR Series) Circular No. 75 June 14, 2007
16. A.P. (DIR Series) Circular No. 2 July 19, 2007
17. A.P. (DIR Series) Circular No. 11 September 26, 2007
18. A.P. (DIR Series) Circular No. 12 September 26, 2007
19. A.P. (DIR Series) Circular No. 34 April 3, 2008
20. A.P (DIR Series) Circular No. 48 June 3, 2008
21. A.P. (DIR Series) Circular No. 53 June 27, 2008
22. A.P. (DIR Series) Circular No. 7 August 13, 2008
23. A.P. (DIR Series) Circular No.14 September 5, 2008
24. A.P (DIR Series) Circular No. 5 July 22, 2009
25. A.P. (DIR Series) Circular No. 36 February 24, 2010
26. A.P (DIR Series) Circular No. 45 April 1, 2010
27. A.P (DIR Series) Circular No. 69 May 27, 2011
28. A.P (DIR Series) Circular No. 73 June 29, 2011
29. A.P (DIR Series) Circular No. 96 March 28, 2012
30. A.P (DIR Series) Circular No. 97 March 28, 2012
31. A.P (DIR Series) Circular No. 101 April 2, 2012
32. A.P (DIR Series) Circular No. 131 May 31, 2012
33. A.P (DIR Series) Circular No. 133 June 20, 2012
34. A.P. (DIR Series) Circular No.15 August 21, 2012
35. A.P (DIR Series) Circular No. 25 September 7, 2012
36. A.P. (DIR Series) Circular No. 29 September 12, 2012
37. A.P (DIR Series) Circular No. 99 April 23, 2013
38. A.P (DIR Series) Circular No. 100 April 25, 2013
39. A.P (DIR Series) Circular No. 8 July 11, 2013
40. A.P (DIR Series) Circular No. 23 August 14, 2013
41. A.P (DIR Series) Circular No. 24 August 14, 2013
42. A.P (DIR Series) Circular No. 41 September 10, 2013
43. A.P. (DIR Series) Circular No. 83 January 3, 2014
44. A.P (DIR Series) Circular No. 131 May 19, 2014
45. A.P. (DIR Series) Circular No. 1 July 3, 2014
46. A.P (DIR Series) Circular No. 48 December 9, 2014
47. A.P (DIR Series) Circular No. 54 December 29, 2014

24
48. A.P (DIR Series) Circular No. 59 January 22, 2015
49. A.P. (DIR Series) Circular No. 61 April 13, 2016
50. A.P. (DIR Series) Circular No. 62 April 13, 2016
51. A.P. (DIR Series) Circular No. 28 January 25, 2017
52. A.P. (DIR Series) Circular No. 4 May 12, 2021
January 1, 2016, as amended from time
53. FED Master Direction No. 15/2015-16
to time

25
 Appendix A
Request Form for creation of user id in the OID Application

Description of request Tick Kindly paste a

1) Addition of user id recent passport
2) Modification of assigned role/ user type / size photograph of
details of the user id the applicant
3) Deactivation of the user id

Details of the User

Name of the user PF No. /
Employee No.
Name and address of the
AD bank
Name of the
department/division/section
Designation of the user
User Type (tick) AD AD AD
Maker Checker Authoriser
Corporate mail id
Signature of the Applicant

Signature / Approval of Head of Department

Name
Approved Roles
Justification / Remarks
Signature

To be filled by the OID System Administrator

Change request number

User id creation date
Role/s assigned
Justification
Name
Signature

26