Annual Performance Report (APR) to RBI for Overseas Investment – Complete ODI Compliance Guide (2026)
Published by IndiaBizExperts | Reviewed by Authorized Chartered Accountant: CA Manoj Kumar
Annual Performance Report (APR) is an important annual compliance requirement under India's Overseas Investment framework for eligible persons resident in India who have made qualifying Overseas Direct Investment (ODI) in a foreign entity. The requirement becomes particularly important for Indian companies, LLPs and resident individuals holding overseas investments in foreign subsidiaries, joint ventures and other eligible foreign entities.
Completing the original overseas investment transaction and ODI reporting does not necessarily end the investor's FEMA compliance obligations. Depending on the nature and structure of the investment, an investor may have continuing reporting obligations, including APR.
This guide explains the APR requirement under the current Overseas Investment framework, including who needs to file APR, whether resident individuals are covered, the filing deadline, information required, UIN, CA certification, designated AD bank reporting, delayed filing, and the difference between APR, ODI reporting and FLA Return.
What Is Annual Performance Report (APR) to RBI?
The Annual Performance Report (APR) is an annual reporting requirement under the FEMA Overseas Investment framework relating to qualifying overseas direct investment made by a person resident in India in a foreign entity.
The purpose of APR reporting is to provide information regarding the overseas investment and the relevant foreign entity on an annual basis.
APR may contain information relating to matters such as:
- foreign entity details;
- Indian investor details;
- shareholding and ownership;
- financial performance;
- net worth;
- profit or loss;
- dividend;
- repatriation;
- changes in shareholding;
- subsidiaries and step-down subsidiaries; and
- other information prescribed under the applicable RBI reporting framework.
APR should therefore be viewed as a continuing FEMA compliance requirement rather than merely an extension of the original overseas investment filing.
Who Is Required to File APR?
Under the current Overseas Investment framework, a person resident in India acquiring equity capital in a foreign entity that is reckoned as Overseas Direct Investment (ODI) is required to submit an APR for each such foreign entity, subject to the exemptions prescribed under the applicable regulations.
Accordingly, APR may apply to:
- Indian companies;
- Indian LLPs and other eligible entities;
- resident individuals; and
- other persons resident in India making qualifying ODI.
The first step should always be to determine whether the investment is actually classified as ODI under the current FEMA Overseas Investment framework.
Read our detailed guide on ODI Filing in India – Overseas Direct Investment Compliance Guide to understand the broader ODI reporting framework.
Is APR Applicable to Resident Individuals?
Yes, APR can apply to resident individuals.
A common misconception is that RBI overseas investment reporting is relevant only to companies. However, resident individuals can also make overseas investments under the applicable FEMA framework.
Where the investment qualifies as ODI and the applicable APR provisions apply, the resident individual must comply with the relevant annual reporting requirement.
However, not every foreign investment made by an individual automatically results in an APR obligation. The nature of the investment, percentage holding, control and other financial commitments must be examined.
When Is APR Required?
APR is generally relevant where a person resident in India has acquired equity capital in a foreign entity that is reckoned as ODI.
Before filing APR, the investor should determine:
- Whether the overseas investment qualifies as ODI;
- Whether the foreign entity is covered by the applicable reporting framework;
- Whether the investor has control or the prescribed level of ownership;
- Whether any additional financial commitment exists; and
- Whether an exemption from APR reporting applies.
The current regulations provide specific exemptions. For example, APR is not required where the person resident in India holds less than 10% of the equity capital without control and there is no other financial commitment other than equity capital.
APR reporting is also not required where the foreign entity is under liquidation, subject to the applicable regulatory conditions.
APR Filing Deadline
Under the current Overseas Investment framework, APR is required to be submitted every year by 31 December, subject to the provisions applicable to the accounting year of the foreign entity.
The investor should therefore identify the accounting year of the foreign entity and determine the applicable reporting timeline under the current RBI framework.
Important: Investors should not rely on older articles referring to the previous APR framework and deadlines. The Overseas Investment framework was substantially revised through the Foreign Exchange Management (Overseas Investment) Rules, 2022, Regulations, 2022 and Directions, 2022.
APR for Foreign Subsidiary, Joint Venture (JV) and Wholly Owned Subsidiary (WOS)
APR becomes particularly important where an Indian investor has established or acquired a foreign subsidiary, joint venture or wholly owned subsidiary.
The annual reporting process should consider whether there have been changes in the foreign corporate structure since the previous reporting period.
Relevant matters may include:
- acquisition of a foreign subsidiary;
- setting up of a step-down subsidiary;
- changes in shareholding;
- transfer of shares;
- winding-up of an overseas entity;
- changes in the nature of business; and
- other material changes in the overseas investment structure.
Indian businesses with overseas subsidiaries should therefore maintain a year-wise FEMA compliance file rather than preparing APR from the previous year's information without reconciliation.
APR for Overseas Investment by Indian Companies
Indian companies making qualifying ODI in foreign entities should review their APR requirements every year.
The compliance process may involve coordination between:
- finance and accounts teams;
- management;
- the foreign subsidiary or JV;
- the Chartered Accountant, where applicable; and
- the designated AD bank.
The company should reconcile its overseas investment records with its financial statements and previous FEMA filings before submitting APR.
This is particularly important where the company has made additional investments, received dividends, changed its shareholding or established overseas subsidiaries.
APR for Resident Individuals
Resident individuals making qualifying ODI should maintain proper records of their overseas investment from the date of investment.
Relevant records may include:
- investment documents;
- foreign entity share certificates or equivalent evidence;
- UIN;
- AD bank correspondence;
- foreign entity financial statements;
- shareholding information;
- dividend records;
- repatriation records; and
- previous FEMA reporting documents.
Individuals should also verify whether their investment falls within an APR exemption before preparing the annual filing.
The information required for APR depends on the applicable reporting format and the nature of the overseas investment.
Foreign Entity Details
- Name of foreign entity
- Country of incorporation
- Registered address
- Nature of business
- Date of incorporation
- Details of subsidiaries, where applicable
Indian Investor Details
- Name of Indian investor
- PAN and other identification details, where applicable
- UIN
- Nature of investment
- Shareholding percentage
- Control details
Financial Information
- Revenue or other applicable financial information
- Profit or loss
- Net worth
- Dividend
- Other financial information prescribed under the reporting framework
Investment and Repatriation Information
- Investment made
- Additional financial commitment
- Dividend received
- Amounts repatriated
- Other relevant receipts or transfers
Overseas investment reporting is undertaken through the applicable RBI reporting framework and the designated AD bank.
The investor should not rely on an old APR form or historical reporting procedure without checking the current RBI Overseas Investment Directions.
A typical process is:
- Identify the foreign entity and UIN.
- Confirm ODI classification.
- Check whether APR is applicable.
- Collect the foreign entity's financial information.
- Reconcile investment and shareholding details.
- Prepare the applicable APR information.
- Obtain certification where required.
- Submit through the designated AD bank.
- Obtain and retain filing evidence.
Documents Required for APR
| Document / Information |
Purpose |
| UIN |
Identification of overseas investment |
| Foreign entity details |
Verification of overseas entity |
| Shareholding details |
Ownership verification |
| Financial statements |
Annual financial reporting |
| Profit and loss information |
Performance reporting |
| Net worth information |
Financial position |
| Dividend details |
Investment return reporting |
| Repatriation details |
Tracking amounts received in India |
| Previous APR |
Year-on-year reconciliation |
| CA certification, where applicable |
Certification requirement |
| AD bank records |
FEMA reporting verification |
The designated AD bank may request additional documents depending on the circumstances of the overseas investment.
CA Certification of APR
CA certification requirements depend on the circumstances of the overseas investment and the applicability of audit requirements.
The current RBI framework provides for Chartered Accountant certification where statutory audit is not applicable, including in specified cases involving resident individuals.
The investor should therefore verify:
- whether the foreign entity is subject to statutory audit;
- whether the investor has control;
- whether the host country requires an audit;
- whether audited financial statements are available; and
- whether certification is required under the applicable RBI instructions.
APR Filing Through Designated AD Bank
APR reporting is made through the designated Authorised Dealer (AD) bank under the RBI Overseas Investment reporting framework.
The AD bank plays an important role in verifying overseas investment reporting and supporting documentation.
The investor should therefore maintain a consistent relationship with the designated AD bank and preserve all correspondence relating to:
- UIN;
- ODI reporting;
- APR;
- additional financial commitment;
- transfer or disinvestment; and
- other FEMA reporting.
APR and UIN
UIN means the Unique Identification Number associated with the foreign entity for RBI overseas investment reporting.
The UIN is an important reference for subsequent reporting and transactions involving the overseas investment.
Indian investors should ensure that the UIN is correctly recorded and consistently used in their FEMA compliance records.
A missing or incorrect UIN can make reconciliation with the designated AD bank more difficult.
What Happens If APR Is Delayed or Not Filed?
Failure to submit a required APR within the prescribed timeline can result in FEMA reporting non-compliance.
The current Overseas Investment framework contains provisions for delayed reporting through Late Submission Fee (LSF), subject to the applicable conditions, limits and circumstances.
Where an APR has not been filed, the investor should not simply ignore the delay. The first step should be to determine:
- the original due date;
- whether APR was actually required;
- the number of years of delay;
- whether LSF is available;
- whether any other FEMA reporting is pending; and
- whether additional overseas investment is proposed.
Where necessary, professional FEMA advice should be obtained before attempting to regularise old reporting.
For related compliance issues, see our guide on FEMA Compounding Application in India.
Can Further Overseas Remittance Be Made When APR Is Pending?
Pending FEMA reporting can affect subsequent overseas transactions.
The current Overseas Investment framework contains restrictions relating to further financial commitment or transfer where reporting requirements have not been complied with, subject to the applicable provisions.
Therefore, before making another overseas remittance or financial commitment, the investor should verify whether:
- APR is pending;
- ODI reporting is pending;
- UIN-related documentation is incomplete;
- previous reporting contains discrepancies; or
- any delayed reporting needs regularisation.
Completing the pending compliance before a new overseas transaction can help avoid unnecessary delays with the AD bank.
APR vs FLA Return
APR and FLA Return are different RBI reporting requirements.
| APR |
FLA Return |
| Relates primarily to qualifying overseas direct investment. |
Relates to reporting of foreign liabilities and assets. |
| Reports information regarding the overseas investment and foreign entity. |
Reports relevant foreign assets and liabilities information. |
| Submitted through the applicable overseas investment reporting framework. |
Filed under the RBI FLA reporting framework. |
Therefore, an Indian company should not assume that filing FLA Return automatically satisfies APR requirements.
Read our detailed guide on FLA Return Filing in India – Complete RBI Guide.
If an FLA filing has already been delayed, see Consequences of Delay in Filing FLA Return in India.
APR vs ODI Reporting / Form FC
APR and the initial ODI reporting requirement serve different purposes.
| ODI Reporting |
APR |
| Connected with the overseas investment or financial commitment transaction. |
Annual reporting concerning qualifying overseas investment. |
| Relevant when the investment or financial commitment is made. |
Recurring reporting where applicable. |
| Provides RBI with transaction-level information. |
Provides annual information regarding the overseas entity and investment. |
Accordingly:
ODI reporting records the investment transaction, while APR provides continuing annual reporting regarding the qualifying overseas investment.
For the broader compliance process, read our complete ODI filing guide.
Common APR Filing Mistakes
1. Assuming APR Is Only for Companies
Resident individuals can also be subject to APR where their overseas investment qualifies as ODI and no exemption applies.
2. Confusing ODI With OPI
Not every overseas investment is ODI. The classification must be determined before deciding whether APR is applicable.
3. Ignoring the APR Exemption
Investors should check whether they fall within the specific APR exemption under the current regulations.
4. Using an Old APR Deadline
Older overseas investment articles may refer to the previous reporting regime. Investors should verify the current 2022 framework.
5. Not Maintaining UIN Records
The UIN should be maintained along with the investment and AD-bank documentation.
6. Copying the Previous Year's APR
The foreign company's financial position and corporate structure may have changed. The current year's information should be independently verified.
7. Ignoring Step-Down Subsidiaries
Changes in overseas corporate structures can create additional reporting considerations.
8. Waiting Until the Last Date
Foreign financial statements and certification can take time to obtain. Preparation should begin well before the deadline.
9. Ignoring Pending FEMA Reporting
Pending reporting can create complications for subsequent overseas financial commitments or transfers.
Step-by-Step APR Compliance Checklist
- Identify the overseas investment. Confirm the foreign entity and investment structure.
- Determine ODI classification. Verify whether the investment is ODI under the current FEMA framework.
- Check APR applicability. Determine whether any exemption applies.
- Verify UIN. Ensure that the UIN and foreign entity details are correct.
- Collect financial statements. Obtain the foreign entity's relevant financial information.
- Review shareholding. Check current ownership and control.
- Review corporate structure. Identify subsidiaries, step-down subsidiaries and structural changes.
- Check dividend and repatriation. Reconcile amounts received in India.
- Obtain CA certification where required.
- Prepare APR. Complete the applicable RBI reporting information.
- Submit through the designated AD bank.
- Retain acknowledgement and records.
Frequently Asked Questions About Annual Performance Report (APR) Filing
1. What is Annual Performance Report (APR) under FEMA?
Annual Performance Report (APR) is an annual reporting requirement under India's Overseas Investment framework for qualifying overseas direct investment made by a person resident in India in a foreign entity, subject to the applicable exemptions.
2. Who is required to file APR?
A person resident in India acquiring equity capital in a foreign entity that is reckoned as Overseas Direct Investment (ODI) is generally required to submit an APR for each such foreign entity, subject to the exemptions prescribed under the applicable FEMA framework.
3. Is APR applicable to Indian companies?
Yes. An Indian company that has made qualifying ODI in a foreign entity should evaluate its APR reporting obligation under the current Overseas Investment framework.
4. Is APR applicable to LLPs?
An Indian LLP making qualifying overseas direct investment should evaluate whether APR reporting applies based on the nature and structure of its overseas investment and the applicable FEMA provisions.
5. Is APR applicable to resident individuals?
Yes. A resident individual can be subject to APR where the overseas investment qualifies as ODI and the investment does not fall within an applicable APR exemption.
6. Is APR required for every foreign investment?
No. APR is associated with qualifying ODI and is subject to specific exemptions. Overseas investments should first be classified correctly as ODI, OPI or another applicable category before determining the reporting requirement.
7. What is the difference between ODI and OPI for APR purposes?
ODI and OPI are different categories of overseas investment under the FEMA framework. APR is principally associated with qualifying ODI. Therefore, an investor should determine the correct classification before concluding that APR is applicable.
8. What is the APR filing deadline?
Under the current Overseas Investment framework, APR is generally required to be submitted every year by 31 December, subject to the provisions applicable to the accounting year of the foreign entity.
9. Is the APR deadline still 30 June?
Investors should not rely on the old 30 June deadline without checking the applicable regulatory framework. The Overseas Investment framework was substantially revised in 2022, and the current requirements should be verified against the latest RBI regulations and directions.
10. What happens if the foreign company's accounting year is different from India's financial year?
The accounting year of the foreign entity is relevant when determining the applicable APR reporting timeline. The investor should review the current RBI provisions applicable to the foreign entity's accounting year rather than automatically applying India's 31 March financial year.
11. Is APR required for a foreign subsidiary?
Where an Indian resident has made qualifying ODI in a foreign subsidiary, APR may be required subject to the applicable regulations and exemptions.
12. Is APR required for a Joint Venture (JV) abroad?
Where the overseas investment in the joint venture qualifies as ODI, the investor should evaluate the APR requirement the current Overseas Investment framework.
13. Is APR required for a Wholly Owned Subsidiary (WOS) abroad?
Yes, a wholly owned foreign subsidiary can fall within the APR framework where the Indian investor has made qualifying ODI, subject to the applicable exemptions.
14. Is APR required when an Indian company owns 100% of a foreign company?
A 100% overseas shareholding generally represents a significant ODI relationship. The Indian investor should evaluate the applicable APR requirement and ensure that the foreign entity's financial and corporate information is available for annual reporting.
15. Is APR required when an Indian investor owns less than 10% of a foreign company?
The current regulations provide a specific APR exemption where the person resident in India holds less than 10% of the equity capital without control and has no other financial commitment other than equity capital. The specific facts should be reviewed before applying the exemption.
16. Is APR required if the investor has less than 10% shareholding but has control?
The exemption for holding less than 10% is subject to the condition that the investor does not have control. Therefore, the control position must be examined before relying on the exemption.
17. Is APR required if there is additional financial commitment?
The exemption relating to a holding of less than 10% applies only where there is no other financial commitment apart from equity capital. Therefore, additional financial commitment can affect the applicability of the exemption.
18. Is APR required if the foreign company is under liquidation?
The current Overseas Investment regulations provide an exemption from APR reporting where the foreign entity is under liquidation, subject to the applicable regulatory provisions.
19. What information is reported in APR?
APR reporting can include information relating to the foreign entity, Indian investor, shareholding, financial performance, net worth, profit or loss, dividend, repatriation, subsidiaries, step-down subsidiaries and other information prescribed under the applicable reporting framework.
20. What financial statements are required for APR?
APR is generally based on the relevant financial information of the foreign entity. The applicable RBI framework provides for audited financial statements in the prescribed circumstances, with provisions for unaudited financial statements and certification in specified cases.
21. Is CA certification required for APR?
CA certification may be required in specified circumstances, including situations where statutory audit is not applicable. The exact certification requirement should be determined based on the investor, foreign entity, control position and applicable RBI provisions.
22. Can a resident individual file APR without a CA?
The certification requirements applicable to a resident individual should be checked under the current RBI Overseas Investment Directions. Where certification is prescribed, the investor should obtain the required certification before completing the reporting process.
23. Where is APR filed?
APR reporting is undertaken through the designated Authorised Dealer (AD) bank under the RBI Overseas Investment reporting framework.
24. Can APR be filed directly with RBI?
The applicable overseas investment reporting process operates through the designated AD bank. Investors should coordinate with their AD bank regarding the current reporting procedure, documentation and submission requirements.
25. What is a designated AD bank for APR?
A designated Authorised Dealer (AD) bank is the bank through which the overseas investment reporting and related foreign exchange transactions are handled under the FEMA framework.
26. What is UIN in overseas investment?
UIN means Unique Identification Number associated with the foreign entity for RBI overseas investment reporting. It is an important reference for subsequent reporting relating to the overseas investment.
27. Why is UIN important for APR?
UIN helps identify the relevant foreign entity and connect subsequent overseas investment reporting with the existing investment record. Investors should maintain accurate UIN and AD-bank records.
28. What documents are generally required for APR?
Documents may include UIN, foreign entity details, shareholding information, financial statements, profit and loss information, net worth information, dividend details, repatriation information, previous APR records and certification where applicable. The AD bank may request additional documents.
29. Does APR require foreign company financial information?
Yes. Financial information of the foreign entity is an important part of APR reporting. The exact information required depends on the applicable RBI reporting requirements and circumstances of the overseas investment.
30. Is APR required when the foreign company has no profit?
An absence of profit does not by itself eliminate an applicable APR obligation. Where APR is required, the relevant financial information should be reported even if the foreign entity has incurred a loss or has not generated profits.
31. Is APR required if the foreign company has not started business?
The investor should still evaluate the APR requirement based on the status of the overseas investment. The fact that the foreign entity has not commenced business does not automatically mean that an applicable APR obligation disappears.
32. What happens if APR is filed late?
Delayed filing of a required APR can result in FEMA reporting non-compliance. The current Overseas Investment framework provides mechanisms for delayed reporting, including Late Submission Fee (LSF) where applicable and subject to the prescribed conditions and limits.
33. Can delayed APR reporting be regularised?
Delayed reporting may be regularised under the applicable FEMA framework. The investor should determine the period of delay, applicable reporting requirement and whether the Late Submission Fee mechanism or another regularisation route is available.
34. What is Late Submission Fee (LSF) for delayed FEMA reporting?
Late Submission Fee is a regulatory mechanism available in specified circumstances for regularising certain delayed FEMA reporting. Its applicability, calculation and time limits should be checked against the current RBI Overseas Investment framework.
35. Can an investor make another overseas investment if APR is pending?
Pending FEMA reporting can affect subsequent overseas financial commitments or transfers. Before making another overseas remittance or financial commitment, the investor should verify whether all applicable previous reporting has been completed or properly regularised.
36. Is APR the same as FLA Return?
No. APR and FLA Return are separate RBI reporting requirements. APR relates to qualifying overseas investment reporting, while FLA Return concerns reporting of foreign liabilities and assets under the applicable RBI framework.
37. Is APR the same as ODI reporting?
No. ODI reporting is associated with the overseas investment or financial commitment transaction, whereas APR is an annual reporting requirement concerning qualifying overseas investment where applicable.
38. Is APR the same as Form FC?
APR and Form FC should not be treated as interchangeable reporting requirements. The applicable form and reporting mechanism depend on the nature of the overseas investment and the current RBI Overseas Investment framework. Investors should verify the current reporting requirements rather than relying on historical terminology.
39. Does filing ODI reporting remove the need to file APR?
No. Completing the initial ODI reporting does not automatically eliminate a subsequent APR obligation. Where APR is applicable, it is a continuing annual reporting requirement.
40. What happens if there is a change in foreign shareholding?
Changes in shareholding should be reviewed for their FEMA reporting implications. The investor should update its records and determine whether any separate reporting is required in addition to the annual APR.
41. Does APR cover step-down subsidiaries?
Relevant information regarding step-down subsidiaries can form part of the overseas investment compliance review. Investors should identify whether a step-down subsidiary was acquired or established and evaluate the applicable reporting requirements.
42. Is APR required if the foreign company has a step-down subsidiary?
The existence of a step-down subsidiary does not by itself eliminate the APR requirement. Where APR is applicable, the overseas corporate structure and relevant subsidiary information should be reviewed as part of the annual compliance process.
43. What if the foreign company was sold during the year?
A transfer or disinvestment of overseas investment should be reviewed under the applicable FEMA provisions. The investor should determine whether APR remains applicable for the relevant reporting period and whether separate transfer or disinvestment reporting is required.
44. What if the foreign company was closed during the year?
If the foreign entity is under liquidation or has been closed, the investor should examine the specific circumstances and applicable FEMA provisions. The current regulations contain an APR exemption for a foreign entity under liquidation, subject to the applicable conditions.
45. Who should prepare APR for an Indian company?
The finance or compliance team may coordinate the preparation, while management, the foreign entity and the Chartered Accountant, where applicable, may provide information or certification. The final reporting process should be coordinated with the designated AD bank.
46. What are the common mistakes in APR filing?
Common mistakes include using an outdated deadline, incorrectly classifying ODI, ignoring APR exemptions, entering incorrect shareholding, failing to reconcile financial information, overlooking step-down subsidiaries, not maintaining UIN records and delaying submission until the deadline.
47. Can APR information be copied from the previous year?
The previous year's APR can be used as a reference, but the current year's information should be independently verified. Financial performance, shareholding, subsidiaries, dividends, repatriation and other information may have changed.
48. What should an investor do before filing APR?
The investor should confirm ODI classification, check APR applicability and exemptions, verify UIN, collect foreign entity financial information, reconcile shareholding and investment records, review overseas subsidiaries and obtain certification where applicable.
49. How can an Indian company maintain APR compliance every year?
The company should maintain a dedicated overseas investment compliance file containing UIN, investment documents, AD-bank correspondence, financial statements, previous APRs, shareholding records, dividend and repatriation information and details of any changes in the overseas structure.
50. Can IndiaBizExperts help with APR and ODI compliance?
IndiaBizExperts can facilitate a consultation request with a relevant professional regarding APR, ODI and FEMA-related compliance matters.
₹9 is a platform fee used to validate genuine users and facilitate the consultation request. It is not the professional's service fee. Any applicable professional service fee is discussed separately with the professional.
Professional Assistance for APR and Overseas Investment Compliance
APR compliance can become complicated when an Indian investor has multiple overseas entities, foreign subsidiaries, step-down subsidiaries, historical reporting issues or changes in shareholding.
Professional guidance can be useful where you need assistance with:
- APR applicability;
- ODI classification;
- APR preparation;
- UIN reconciliation;
- CA certification;
- AD-bank coordination;
- delayed APR reporting;
- FEMA reporting regularisation;
- additional overseas investment; or
- overseas transfer/disinvestment compliance.
Need Professional Guidance for APR or Overseas Investment Compliance?
IndiaBizExperts can facilitate a consultation request with a relevant professional for overseas investment and FEMA-related compliance matters.
₹9 is a platform fee used to validate genuine users and facilitate the consultation request. It is not the professional's service fee. Any professional service fee, if applicable, is discussed separately with the professional.
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Official RBI Sources
The rules relating to overseas investment and Annual Performance Report (APR) can be amended from time to time. Readers should therefore verify the applicable requirements from the latest official RBI notifications, directions and regulations before completing their compliance.
The Foreign Exchange Management (Overseas Investment) Directions, 2022 should be read together with the Overseas Investment Rules and Regulations, 2022. RBI states that the 2022 framework superseded the earlier overseas investment regime.
For historical reference, RBI has also published earlier material relating to the Annual Performance Report in Form ODI Part III under the previous overseas investment framework. Such historical material should not be used as the current filing requirement without checking the applicable 2022 framework and subsequent amendments.
Important: Regulatory requirements may change through amendments, circulars, notifications or updated RBI directions. Always verify the latest applicable requirements with RBI and the designated Authorised Dealer (AD) bank before filing.
Related Overseas Investment and FEMA Guides