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of <h1>Rule 7: Global Depository Receipts Proceeds Must Be Remitted to Indian or Eligible Foreign Banks, or IFSC Banking Units.</h1> The Companies (Issue of Global Depository Receipts) Rules, 2014, under Rule 7, stipulate that proceeds from the issuance of depository receipts must be remitted to a bank account in India or deposited in an Indian bank operating abroad, or a foreign bank with operations in India, which is a Scheduled Bank under the Reserve Bank of India Act, 1934. The foreign bank must provide necessary information. In sponsored issues, proceeds are credited to shareholders' accounts. Additionally, proceeds can be remitted to an International Financial Services Centre Banking Unit and used as per Reserve Bank of India's instructions.
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