Retention of Proceeds of ADRs/GDRs abroad

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..... broad Attention of authorised dealers is invited to Clause (4) of Regulation 4 of Schedule I to Notification No.FEMA.20/2000-RB dated May 3, 2000, in terms of which, Indian companies issuing shares to overseas depository for the purpose of issuing ADRs/GDRs are permitted to invest funds abroad for a temporary period pending repatriation to India, subject to the conditions stipulated therein. .....

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..... om the date of closure of the issue to the Chief General Manager, Exchange Control Department, Foreign Investment Division, Reserve Bank of India, Central Office, Mumbai-400 001. 4. The above relaxations, subject to review, shall be effective for a period upto June 30, 2003. 5. Necessary amendments to the Foreign Exchange Management Regulations, 2000 are being issued separately. 6. Authoris .....

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