On 25th September, 2012 Reserve Bank of India vide RBI/2012-13/ 222 A.P. (DIR Series) Circular No. 35 has decided that in addition to the reporting prescribed in terms of A.P. (DIR Series) Circular No. 6 dated August 9, 2010 read with paragraph 5 (i) of A.P. (DIR Series) Circular No.24 dated December 30, 2009, all the new entities setting up LO/BO/PO shall also:
- Submit a report containing information as per Annex [as mentioned in Circular] within five working days of the LO/BO/PO becoming functional to the DGP of the state concerned in which LO/BO/PO has established its office; if there are more than one office of such a foreign entity, in such cases to each of the DGP concerned of the state where it has established office in India;
- A copy of the report as per Annex shall also be filed with the DGP concerned on annual basis along with a copy of the Annual Activity Certificate/ Annual report required to be submitted by LO/BO/ PO concerned, as the case may be.
- A copy of report thus filed as above shall also be filed with AD by LO/BO/PO concerned.
RBI clarified that, the existing LO/BO/PO shall henceforth report the information as per Annex along with the copy of Annual Activity Certificate/Annual report to DGP of state concerned and also file a copy of the same with AD bank.