Sponsored ADRs/GDRs- Receipt of Disinvestment proceeds

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..... oceeds Attention of authorised dealers is invited to A.P. (DIR Series) Circular No.52 dated November 23, 2002 and Notification No. FEMA 41/2001-RB dated March 3, 2001, in terms of which Indian companies are permitted to sponsor an issue of American Depository Receipts/Global Depository Receipts (ADRs/GDRs) with an overseas depository against the shares held by its shareholders subject to complia .....

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..... urrency/Resident Foreign Currency (Domestic) [EEFC/RFC(D)] accounts or to their Rupee accounts in India at their option. 3. Disinvestment proceeds under the scheme, receivable by residents, who have since became non-residents, would also be eligible for credit to their foreign currency accounts abroad or any of their accounts in India at their option. 4. The above facility will be available un .....

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