Overseas direct investment branch designation permits authorised dealers to centralise foreign exchange transactions for such investments. Authorised dealers may designate selected branches to undertake foreign exchange transactions relating to Indian direct investment in overseas joint ventures or wholly owned subsidiaries; a list of such branches must be forwarded to the Reserve Bank's Exchange Control Department, Overseas Investment Division, for record, and authorised dealers should notify their constituents of the arrangement. The directions are issued under the statutory powers conferred by the foreign exchange law.