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The Reserve Bank of India notifies Indian Depository Receipts as security for the purposes of the Foreign Exchange Management Act, 1999. The rule applies to Indian Depository Receipts as defined under the Companies (Issue of Indian Depository Receipts) Rules, 2004.
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Relative A.P. (DIR) circular: --
RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) Mumbai
Notification No.FEMA.223/2012-RB March 7, 2012
Definition of 'Security'
In pursuance of clause (za) of Section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999) (FEMA), the Reserve Bank notifies Indian Depository Receipts (IDRs) as defined under clause © of sub-rule (i) of Rule 3 of Companies (Issue of Indian Depository Receipts) Rules, 2004, as "security" for the purposes of FEMA.
(Meena Hemchandra) Chief General Manager-in-Charge
Published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 31.12.2012 – G.S.R.No.944(E)
