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Reserve Bank of India
Exchange Control Department
Central Office
Mumbai 400 001
A.P. (DIR Series) Circular No.37
April 9, 2002
To
All Authorised Dealers in Foreign Exchange
Madam/Sirs,
Two-way fungibility of ADRs/GDRs
Attention of Authorised Dealers is invited to A.P.(DIR Series) circular No.21 dated February 13, 2002, enclosing
the Operative Guidelines for the limited two-way fungibility under the "Issue of Foreign
Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme,
1993".
2. The following amendment may be made in the Operative Guidelines with
immediate effect:
' The word ‘NSDL’ in item `h' on page 2 of the Operative Guidelines shall be
replaced by the words ‘NSDL/CDSL’. '
3. Authorised Dealers may bring the contents of this circular to the notice
of their constituents concerned.
4. 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).
Yours faithfully,
Grace Koshie
Chief General Manager |