A.P.(DIR Series) Circular No.14 (September 26, 2000)FEMA - ADR/GDRDetails of Issue LaunchedDear Sirs,
Attention of authorised dealers is invited to Reserve Bank Notification No.FEMA-20/2000-RB dated 3rd May 2000. In terms of paragraphs 4(2) and (3) of Schedule I to the above Notification, Indian companies issuing ADRs/GDRs shall furnish to Reserve Bank full details of such issue in the form specified in Annexure "C" within 30 days from the date of closing of the issue and a quarterly return in the form specified in Annexure "D" within fifteen days from the close of the calendar quarter, respectively. However, it is observed that some of the companies are not submitting Annexures "C" and "D" within the stipulated time.
- Authorised dealers may advise their constituents who have issued Ares/GDRs or who are going for ADR/GDR issues to submit Annexures "C" and "D" within the stipulated time.
- The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and any contravention or non-observance thereof is subject to the penalties prescribed under the Act.
Yours faithfully,
B.MAHESHWARAN
Chief General Manager
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