OVERSEAS DIRECT INVEST- MENT BY REGISTERED TRUST / SOCIETY

It has been decided to allow Registered Trusts and Societies engaged in manufacturing / educational sector to make investment in the same sector(s) in a Joint Venture or Wholly Owned Subsidiary outside India, with the prior approval of the Reserve Bank. Trusts /Societies satisfying the eligibility criteria as prescribed in the Annex, may submit the application/ sin Form ODI-Part I, through their AD Category-I bank/s. The AD Category–I bank, after ensuring that the applicant satisfies the prescribed criteria, may forward the application/s with their comments / recommendations, to the Chief General Manager, Reserve Bank of India, Foreign Exchange Department, Overseas Investment Division, Central Office.

Conditions for Trust/ Society

• The Trust/Society should be registered.
• The Trust deed/ Society bye-laws permits the proposed investment overseas.
• The proposed investment should be approved by the trustee/governing body
• The Authorised Dealer bank is satisfied that the Trust/Society is KYC (Know Your Customer) compliant and is engaged in a bonafide activity.
• The Trust/Society has been in existence at least for a period of three years.
• The Trust/Society has not come under the adverse notice of any Regulatory/Enforcement agency like the Directorate of Enforcement, CBI etc.