Sponsored ADRs/GDRs- Receipt of Disinvestment proceeds

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..... eceipt of Disinvestment proceeds 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 sha .....

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..... r Exchange Earners' Foreign Currency/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 abov .....

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