Ordnance Factory Varengoan India.
Knowing the Indian punctiliousness (inherited from the British), I think this is normal 5.56 Ball ammo. Proof ammo would be marked as such, with its own Mark number.
Btw, OFV was set up by Olin Corp, and uses Ball powder, as part of a US aid program in the 1960s-70s.
The packet stamping also follows old British designs,
But the packing date is missing from the slot between the two horizontal lines. The red overstamp could indicate a Test lot before actual production was released from the factory.
As far as I know, India adopted 5.56 quite late…1990s or so…before that it was using 7.62 NATO and 7,62 x 39.
PS Indian 7.62 packets have NO tape…they simply close due to design. I suspect this 5.56 tape is owner or dealer applied.