I. Circular No. 131 dated 31st May, 2012: Online Reporting of Overseas Direct Investment in Form ODI-for Indian party: Vide this Circular, RBI has introduced online reporting system of overseas direct investments. The system enabled online generation of the Unique Identification Number (UIN) and has also allowed online filling of form ODI in part II. In line with above, it has been decided, with effect from 01st June, 2012, that for the cases under automatic route, UIN would be generated automatically and send by an email instead of physical letters, to the Authorised Letter (AD) and Indian Parties. Subsequent to receipt of said email confirmation, online filling of form ODI in part II is allowed. However, The applications in form ODI for overseas direct investment under the approval route would continue to be submitted in physical form to the Reserve Bank in addition to the online filling form ODI. The Circular does not clarified the role of AD in to the online filing. In other words clarification has not been provided as to the person responsible for online filing of the documents. II. Circular No. 132 dated 08th June, 2012: Money Transfer Service Scheme: Above said Circular was issued by taking in to consideration Indian agents under the Money Transfer Service Scheme (MTSS). Vide this Circular, it has been decided to increase the number of remittances from 12 to 30, to be received by a single individual beneficiary in a calendar year, to undertake inward cross-border money transfer activities in India. Hedge-Square Consultancy Services Pvt. Ltd. Contact: +91 - 9870551611 Email: hemant@hedge-square.com / prasad@hedge-square.com Website: www.hedge-square.com

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FEMA SNAPS: From 21st May, 2012 to 10th June, 2012

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