Explain the obligations of a person resident in India making Overseas Direct Investment (ODI).

Obligations of the Person Resident in India making Overseas Direct Investment (ODI) are as under: Submission of investment evidence within 6 months: A person resident in India acquiring equity capital in a foreign entity, which is reckoned as ODI, shall submit the evidence of investment to the Authorise Dealer (AD) bank within six months, failing which the funds remitted overseas shall be repatriated within the said period of six months. Retention and verification of documents by AD bank: The evidence of investment shall be retained by the designated AD bank, who shall monitor the receipt of required documents and satisfy themselves about the bona fides of the documents so received. Submission of Form FC before initial ODI: Form FC shall be submitted along with requisite documents to AD bank for obtaining Unique Identification Number (UIN) on or before making initial ODI. AD bank's role in UIN allotment: The AD bank after due verification shall report the details in the OID application for allotment of UIN. Remittance only after UIN allotment: Any remittance towards a foreign entity shall be facilitated by the AD bank only after obtaining the necessary UIN for such entity. UIN is not RBI approval: The allotment of UIN does not constitute an approval from the Reserve Bank for the investment made/to be made in the foreign entity. UIN is for database tracking: The issue of UIN only signifies taking on record of the investment for maintaining the database.