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Odi 1

The document outlines the step-by-step process to file the ODI-1 form for foreign investments in India, starting with selecting an Authorized Dealer Bank. It details the necessary documents, the filling and submission process, and the importance of obtaining a Unique Identification Number (UIN) from the RBI. Additionally, it mentions post-investment reporting requirements for active foreign entities.

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73 views2 pages

Odi 1

The document outlines the step-by-step process to file the ODI-1 form for foreign investments in India, starting with selecting an Authorized Dealer Bank. It details the necessary documents, the filling and submission process, and the importance of obtaining a Unique Identification Number (UIN) from the RBI. Additionally, it mentions post-investment reporting requirements for active foreign entities.

Uploaded by

durgesh.ibco
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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✅ Step-by-Step Process to File ODI-1

🔹 Step 1: Choose an Authorized Dealer (AD) Bank

You must route your investment through a bank authorized by the RBI to deal in foreign
exchange (called an AD Bank). Most major Indian banks like SBI, HDFC, ICICI, Axis are
ADs.

🔹 Step 2: Prepare Key Documents

Here’s what you need before filling ODI-1:

Document Description
✅ ODI-1 Form Form with all investment details
✅ ODI-6 Declaration Undertaking that investment is compliant
✅ LRS Declaration Form Standard form required for individuals
✅ PAN Card For identification
✅ Passport As proof of identity
✅ Proof of Address Any valid document
✅ Details of Foreign Entity Name, country, incorporation, business activity
✅ Business Plan (if available) Optional, helps in approval
✅ Source of Funds CA certificate or bank statement (optional but good to have)

🔹 Step 3: Fill the ODI-1 Form

You will not submit this directly to the RBI. Instead, give it to your Authorized Dealer Bank
(your bank). They will verify and file it on your behalf via the RBI’s FIRMS Portal.

🔧 ODI-1 Includes:

1. Your Details: Name, PAN, address


2. Foreign Entity Details: Name, country (Bhutan), type (WOS/JV), business activity
3. Investment Details:
o Amount (in INR and foreign currency)
o Percentage of ownership
o Mode of funding (LRS – cash remittance)
4. Capital Structure of the foreign company
5. Declaration of compliance with FEMA and RBI rules
✅ Tip: Make sure the foreign company’s activity is permitted under RBI’s ODI rules.

🔹 Step 4: Submit Forms to Your Bank

Hand over or upload all the filled forms and documents to the forex/international banking
division of your AD Bank. They will:

 Review the details


 Submit ODI-1 (and ODI-6) through FIRMS portal
 Remit the funds after approval
 Assign an RBI Unique Identification Number (UIN) to your investment

🔹 Step 5: Receive UIN and Make Investment

 Once filed and verified, your bank will generate a UIN from RBI. This is required for all
future updates (e.g., additional investment, annual reporting).
 After UIN is generated, the bank remits your investment to Bhutan.

🔹 Step 6: Post-Investment Reporting (Later if it going concern)

 In future years, you may need to file:


o ODI-2 (Annual Performance Report) – if the foreign entity is active
o ODI-3 – in case of disinvestment or sale

✅ Summary
Form Purpose Filed By
ODI-1 Initial investment declaration Filed via bank
ODI-6 Legal and compliance undertaking Filed via bank
LRS Form RBI-mandated form for individual remittance Filed via bank

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